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President Buhari proposes a budget of N9.789tr for 2020

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The federal government led by President Muhammadu Buhari has proposed an estimated budget of N9.789 billion by 2020.

The Minister of Finance, Mrs. Zainab Ahmed, announced Tuesday, while presenting the draft Medium-Term Expenditure Framework from 2020 to 2022 and the Fiscal Strategy Document in Abuja.

Speaking at the presentation, the minister eliminated the figures (N10, 110, 193, 322, 738) by 2021 and (N10, 418, 391, 196, 907) 2022.

Zainab Ahmed said the states, except Lagos, will begin receiving direct debit notifications of their monthly payments from the Federal Account Assignment Committee (FAAC).

He said: “The recovery process for us is to deduct from the FAAC allocation to the states and then we remit to the CBN and we are going to start these remittances by the next FAAC” which will hold in two weeks’ time.

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“There will be no requirement for us to consider the FSP implementation. We do that as a matter of wanting the states to stay on the path of fiscal sustainability but it will not be a condition for the deduction. We will deduct direct at source and remit to the CBN.

“The N614 billion bailout funds to states is not going to form part of the revenue for funding the budget, it was a loan which was advanced by the CBN and the repayment will be made to the CBN.”