Nigeria’s President Buhari presents 10.33 trln naira 2020 budget to parliament

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ABUJA, Oct 8 – Nigerian President Muhammadu Buhari presented a record 10.33 trillion naira ($33.8 billion) budget for 2020 to lawmakers on Tuesday, the first spending plan of his second term after he was re-elected in February.

The plan for Africa’s top oil exporter assumes crude production of 2.18 million barrels a day and an oil price of $57 per barrel. As is customary, the budget must still be approved by parliament before being signed into law by Buhari — a process that can take months.

Naija247news also reports that the Senate had on Thursday, approved the 2020 to 2022 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper(FSP).

The approval, followed the adoption of a 16-point recommendation by the National Assembly Joint Committee on Finance and National Planning which considered the MTEF and FSP documents.

Part of the recommendations approved by senate was to increase the Federal Government’s total expenditure estimates in the MTEF/FSP from N10 trillion to N10.729 trillion.(NAN)

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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