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)