President Muhammadu Buhari presented a record 10.33 trillion naira ($33.8 billion) budget for 2020 to lawmakers on Tuesday, the first spending plan of his second term after he was re-elected in February.
The president, while presenting the budget described it as a budget of Fiscal Consolidation to strengthen Nigeria’s macroeconomic environment; investing in critical infrastructure, human capital development and enabling institutions, especially in key job-creating sectors.
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President Buhari said the 2020 budget is based on the new VAT rate, adding that the increased revenues will be used to fund education, health, and infrastructure.
The increase in the budget also reflects the new national minimum wage.