BREAKING: Reps, ministers begin review of 2020 budget


• As NASS retains N128bn, NJC retains N110bn allocations

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.

(Nigerian Tribune)

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