The Minister of Finance, Budget and National Planning, Zainab Ahmed, has broken down the proposed 2020 budget, putting the total revenue at 8.15trillion naira.
She said that the total expenditure for the proposed budget stands at 10.33 trillion Naira.
The honorable minister made the disclosure on Monday during a presentation aimed at discussing the details of the 2020 budget proposal presented to the National Assembly by President Muhammadu Buhari.
She said, “This is the first time in a long time that this presentation is done early in an effort to get back to the Jan-Dec budget cycle. “Another will be held after passage by NASS”.
She announced that the Federal Government is planning several key reforms including the Strategic Revenue Growth Initiative.
According to her, the proposal is accompanied by a Finance Bill which has five Strategic Objectives, they are:
- Promoting Fiscal Equity by mitigating instances of regressive taxation.
- Reforming domestic tax laws to align with global best practices;
- Introducing tax incentives 4 investments in infrastructure & capital markets.
- Supporting micro, small & medium-sized businesses in line with Ease of Doing business reforms.
- Raising revenues for the government.