President Muhammadu Buhari will present the 2020 budget by 2
p.m. on Tuesday.
The Senate spokesperson, Adedayo Adeyeye, made this known to
journalists after at a press briefing on Thursday.
He spoke a few minutes after the Senate approved the Medium-Term
Expenditure Framework (MTEF).
“Next Tuesday by 2 p.m., the president will come to present the
budget. Plenary will hold but we will adjourn early and move to the
House of Representatives so we can attend to the president,” he
said.
He hailed the Senate President, Ahmad Lawan, for fulfilling part
of his agenda – which is to change the budget circle of the country
– at the start of the ninth assembly.
He also commended Mr Buhari for “taking a cue from the plan of
the Senate President.”
Mr Adeyeye said with the zeal of the National Assembly, the 2020
budget will be passed before Christmas break and implementation
will take place between January to December.
When asked how the Senate will deal with Ministries, Departments
and Agencies (MDAs) who delay in budget defence, the lawmaker said
the Senate is resolute about MDAs.
“All MDAs will have to suspend what they are doing to defend
their budget once the budget has been presented,” he said.
The Minister of Finance, Budget and National Planning, Zainab
Ahmed, last month said the Federal Government will propose to the
National Assembly about N9.79 trillion as total expenditure in the
2020 budget.
Mrs Ahmed announced this in Abuja at a public consultation forum
with civil society groups and agencies on the draft 2020-2022
Medium Term Expenditure Framework.
The amount represents an increase of 9.75 per cent over N8.916
trillion spending for 2019.
The projection includes a proposed revenue of about N7.64
trillion and a total proposed fiscal deficit component of about
N2.142 trillion.
She said the key assumptions of the budget were based on an oil
production capacity of 2.18 million barrels per day, crude oil
price of $55 per barrel, against $60 per barrel last year, and
exchanged rate of N305 to the dollar.
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