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Economy

Nigeria to trim 2020 budget by 0.19- Finance Minister

Mrs Zainab Ahmed said Nigeria is planning to trim its budget for 2020 marginally by 0.19 %  to N8.90 trillion, as against the N9.16 trillion approved by lawmakers for 2019.

The government approved a 34 and 66 %  capital/ recurrent expenditure fiscal policy in 2018 and 32 and 68 %  in the approved 2019 budget.

Details of the medium term expenditure framework (MTEF) and fiscal strategy paper (FSP) 2020-2022 showed that capital expenditure will suffer successive cuts for the three-year period to N1.76 trillion, N1.70 trillion and N1.68 respectively for 2020, 2021 and 2022 despite increases in total expenditure at N8.6 trillion, N8.98 trillion and N9.4 trillion during the same period.

Recurrent on the other hand, is expected to increase from N3.41 trillion in 2018 to N4.7 trillion in 2019.

Key Assumptions of the 2020 Budget Framework: Oil Production 2.18 mbpd; Oil Price $55/b; Exchange Rate N305/$; Inflation Rate 10.81%; Nominal Consumption N122.75 trn; N142.96 trn Nominal GDP; and GDP Growth Rate of 2.93%.

A lower benchmark oil price of $55/b (against $60/b for 2019) is assumed considering the expected oil glut in 2020, as well as the need to cushion against unexpected price shock.

Mrs Zainab Ahmed said Nigeria is planning to trim its budget for 2020 marginally by 0.19 %  to N8.90 trillion, as against the N9.16 trillion approved by lawmakers for 2019.

The government approved a 34 and 66 %  capital/ recurrent expenditure fiscal policy in 2018 and 32 and 68 %  in the approved 2019 budget.

Details of the medium term expenditure framework (MTEF) and fiscal strategy paper (FSP) 2020-2022 showed that capital expenditure will suffer successive cuts for the three-year period to N1.76 trillion, N1.70 trillion and N1.68 respectively for 2020, 2021 and 2022 despite increases in total expenditure at N8.6 trillion, N8.98 trillion and N9.4 trillion during the same period.

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Recurrent on the other hand, is expected to increase from N3.41 trillion in 2018 to N4.7 trillion in 2019.

Key Assumptions of the 2020 Budget Framework: Oil Production 2.18 mbpd; Oil Price $55/b; Exchange Rate N305/$; Inflation Rate 10.81%; Nominal Consumption N122.75 trn; N142.96 trn Nominal GDP; and GDP Growth Rate of 2.93%.

A lower benchmark oil price of $55/b (against $60/b for 2019) is assumed considering the expected oil glut in 2020, as well as the need to cushion against unexpected price shock.

Source: homelandnewsng

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