Politics
Budget: Employ Federal Character In Spending – Party Chieftain
All Progressives Congress chieftain, Moshood Salvador yesterday, advised the Federal Government to employ federal character in spending the nation’s 2020 Budget of N10.59 trillion.
Salvador, a former Member of the House of Representatives, told our source in Lagos that the strategy would promote equity.
Recall that President Muhammadu Buhari on December 17, 2019, in Abuja, signed into law, the 2020 Appropriation Bill of N10,594,362,364,830.
The budget was increased from N10.33 trillion to N10.594 trillion by the National Assembly.
A total of N4,842,974,600,640 of the budget is recurrent expenditure, while capital expenditure stands at N2,465,418,006,955 and fiscal deficit, N2.28 trillion.
The budget maintained Nigeria’s daily oil production rate at 2.18 million per barrel but increased the oil benchmark price to 57 dollars per barrel against the 55 dollars proposed by the executive.
The signed 2020 Budget retained inflation rate at 10.81 per cent and exchange rate at N305 to a dollar as proposed by the executive.