BREAKING: Reps, ministers begin review of 2020 budget

The Minister of Finance, Budget and National Planning, Hajia Zainab Ahmed is currently presenting details of the proposed review to the 2020 budget to the leadership of the House of Representatives led by the Speaker, Hon. Femi Gbajabiamila.

According to the documents sighted by Tribune Online, the 2.18mbpd volume oil production was reduced to 1.7mbpd; oil price benchmark was also reduced from $57 to $30 per barrel while the average exchange rate was increased from $305/$ to $360/$.

Federal Government’s share of oil revenue, the share of NLNG dividends, the share of minerals & mining, non-oil among others were reduced from N7.866 trillion to N4.534 trillion.

The redistributable Federal Government’s share of the Federation Account (52.68%) was reduced from N4.516 trillion to N1.648 trillion; deductions was reduced from N214.291 billion to N78.216 billion; Net Federal Government share of Federation Account (48.5%) was reduced from N4.157 trillion to N1.517 trillion while the net ecological and derivation (after 10% transfer to NEDC) was reduced from N77.145 billion to N28.158 billion.

The document also showed a reduction in the Federal Government share of Value Added Tax (15%) from N313.472 billion to N300.732 billion; FCT 1% reduced from N20.898 billion to N20.683 billion while Net Federal Government share of VAT pool account (14%) was reduced from N292.573 billion to N280.683 billion.

For the statutory transfer, however, Federal Government retained the Appropriations of N128 billion for National Assembly; N110 billion for National Judicial Council; N4 billion for Independent National Electoral Commission; N4.7 billion for Public Complaint Commission; N2.5 billion for Human Rights Commission.

But the budget for Niger Delta Development Commission was reduced from N80.882 billion to N29.522 billion; North East Development Commission’s budget reduced from N38.102 billion to N14.079 billion; Universal Basic Education Commission’s budget reduced from N111.789 billion to N61.024 billion while Basic Health Care Fund’s budget was reduced from N44.498 billion to N17.981 billion.

Details later…