The Executive Director, Conscience Nigeria, Mr Tosin Adeyanju, has commended President Muhammad Buhari for the timely presentation of the 2020 budget to the National Assembly (NASS).
Buhari on Tuesday in Abuja presented a budget of N10.33 trillion for the 2020 fiscal year to the joint session of NASS.
Adeyanju in an interview the News Agency of Nigeria (NAN) in Abuja on Tuesday, said 2019 budget was probably the second to be presented in October since 2009.
He also commended the president for proposing substantive allocation to the education sector.
“Works and Housing has the highest allocation with N262 billion, while Education has N48 billion and Universal Basic Education Commission has N112 billion. When you combine the two you will discover that it is a good one for the education sector.
“If this is eventually passed and the fund is released and properly monitor by NASS through oversight, it will go along way to improve the education sector.”
The executive director also commended the president for focusing on the completion of ongoing projects rather than initiating new ones that might also not be completed at the end of the fiscal year.
Adeyanju, however, urged the National Assembly to ensure that the budget is passed on time, before the end of the 2019, to ensure the life cycle of the budget run from January to December.
He also commended the assembly for pledging to work with the president in the consideration of the budget and its implementation.
The Federal Executive Council had proposed N10.007 trillion for the financial year but the figure was increased to N10.33 trillion by the National Assembly.
Buhari said:” the 2020 budget was designed to be a budget of fiscal consolidation to strengthen our macroeconomic environment; Investing in critical infrastructure, human capital development and enabling institutions, especially in key job creating sectors.’’
According to him, the total Federal Government revenue in 2020 is N8.155trillion comprising oil revenue of N2.64 trillion, non-oil tax revenues of N1.81 trillion and other revenue of N3.7trillion.
“This is seven per cent higher than the 2019 comparative estimate of N7.594 trillion inclusive of the Government Owned Enterprises,’’ Buhari said.
The president said non-debt recurrent expenditure include N3.6 trillion for personnel and pension costs, an increase of N620.28 over the 2019 fiscal year figure.
“This increase reflects the new minimum wage as well as our proposals to improve remuneration and welfare of the police and armed forces,’’ he said.
He disclosed that N2.46 trillion was earmarked for capital projects, inclusive of N318.06 billion in statutory transfers.
Other estimates are N556.7 billion for statutory transfers; N2.45 trillion for debt servicing and provision of N296 billion as sinking fund.