Buhari to submit 2020 budget on Tuesday

…As Senate Passes 2020-2022 MTEF, FSP

President Muhammadu Buhari, will on Tuesday, October 8, submit the 2020 budget to the joint sittings of the National Assembly.

This was contained in a letter addressed to the Speaker and read by the Speaker, Femi Gbajabiamila, on Thursday.

According to the letter, the President requested for 2pm on Tuesday for the budget presentation.

Meanwhile, the senate has passed the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

The passage on Thursday was as a result of the presentation and consideration of the report of the Senator Solomon Adeola-led Senate Committee on Finance by the Red Chamber in Abuja.

Adopting the report, the lawmakers approved the proposed 2.18 million barrels per day as production output in 2020, in view of concerted effort by the Nigerian National Petroleum Corporation (NNPC) and security agencies to combat the menace of oil theft and vandalisation.

The lawmakers also adopted the sum of $57 per barrel as crude oil benchmark price, as well as an exchange rate of N305 to a dollar for the 2020 fiscal year.

In addition, the Senate passed a resolution that the saving on income accruing from the increase of the benchmark amounting to 172 billion be used to pay salaries and emolument of the proposed N30,000 new employees.

The House further noted that more work needs to be done by the Minister of Finance, Zainab Ahmed, and all economic advisers and her team to improve the economic growth by increasing the Gross Domestic Products (GDP), and reducing the inflation rate to single digit.