2020 Budget hits N9.12 trillion

The Federal Government has proposed to spend N9.12 trillion in 2020.This was contained in the Fiscal Strategy Paper/Medium Term Expenditure (FSP/MTEF) submitted for consideration to the National Assembly by President Muhammadu Buhari.The budget proposal is slightly higher than the 2019 of N8.92 trillion.According to the documents, the interest payments in debt is estimated at N2.45 trillion and  provision for sinking fund to retire maturing bonds to local contractors is N296 billion.It said: “The provisions for personnel cost and pension costs are estimated at N2.67 trillion and N536.72 billion respectively.”In addition N40.17 billion (representing 1% of the consolidated revenue fund) has been earmarked for the basic Health Care Provision Fund (BHCPF), N22.73 billion for the power sector reform programme.”With these provisions, only the sum of N1.01 trillion (exclusive of capital in statutory transfers) is available as amount for Ministries , Department and Agencies (MDAs) capital expenditure.”