By Jonas Ike (Abuja)
President Muhammadu Buhari has said that the nation has made appreciable progress in terms of economic growth in the 2019 fiscal year.
The President made the disclosure at the laying of N10.3 trillion 2020 budget session at a joint sitting of the National Assembly on Tuesday
Buhari who said that the nation has witnessed significant economic growth in the last one year added that the economic growth had reaped forward from 3.1% to 3.6% in the last quarter of 2019.
While given a break down of the estimates on the annual ritual, he said that recurrent expenditure is to gulp N3.6 trillion and capital expenditure is estimated at N426.6trillion.
Furthermore, the National Assembly budget is N125 bn, Judiciary 110 bn, North East Development Commission N37.3 bn, Universal Basic Education 11.75 bn, Niger Delta Development Commission NDDC 8.8 billion and National Human Rights Commission 1.4 billion.
The President informed that the 2019 capital projects budget is 30% lower than the projection the Economic Recovery and Growth Plan ERGP of that year.
On the budget parameters, he said that it is based on the projections in the Medium Term Expenditure Framework and Fiscal Strategy Papers FSP for 2020-2022.
The MTEF documents as passed by the Nation Assembly has pegged oil price at 66$ per barrel, 2.18mpd daily oil production and N305/1$ exchange rate.
He said that the federal government met its debt service obligation and added that revenue projection for 2020 trillion is 2.04trillion and as additional revenue projects did not materialize.