The Federal government has proposed N4.74 trillion and N2.05 trillion as recurrent and capital expenditure for 2020 appropriation bill.
The Minister of Finance, Zainab Ahmed disclosed this at the Public consultative forum on the draft Medium Term Expenditure Framework and Fiscal Strategy Paper 2020 – 2022.
Oil production is pegged at 2.18 million barrels per day, oil benchmark is at $55 per barrel as against $60 in 2019.
Exchange rate is retained at N305/$1, while government expect inflation rate to remain at double digit of 10.08%…
According to the Minister, the gross domestic product (GDP) is expected to grow by 2.93%.
The figure is below the Economic Recovery and Growth Plan projections.
2020 budget
N4.74Trillion proposed as recurrent expenditure
N2.05Trillion proposed as capital expenditure
Key assumptions
Oil production- 2.18m barrels per day
Oil price- $55
Exchange rate -N305
Inflation – 10.8%
GDP – 2.93%
