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PROSHARE |
Tuesday,
December 17, 2019 /07:07PM / By Proshare Research / Header
Image Credit: @NigeriaGov
Highlights:
Key
Benchmarks
President Muhammadu Buhari has signed the 2020
appropriation bill into law, returning the country to the January to December budget
cycle. The signed budget, termed "Budget of Sustaining Growth and Job
Creation," has an aggregate expenditure of N10.594trn; N263.95 bn higher than
the N10.333 trn presented by President Buhari to a joint session of the
National Assembly in October 2019.
The approved expenditure of N10.594 trn is 18.77%
higher than the 2019 approved budget expenditure of N8.92 trn. The budget has a
capital expenditure of N2.465trn, which is 15.87% less than the 2019 approved
capital expenditure of N2.93trn and a recurrent expenditure of N4.842 trn as
against N4.74 trn approved in 2019 budget. The sum of N560.4bn went to
statutory transfers and N2.72 trn for debt servicing. The fiscal deficit of
N2.28trn was 18.75% higher than the 2019 approved fiscal deficit of N1.92trn.
The projected GDP growth rate for the approved
2020 budget was 2.93%, which is 2.66% lower than the projected GDP growth rate
for the 2019 budget. The 2019 budget exchange rate of N305/$1 stayed for the
2020 budget, as the federal government appears to favour a defensive monetary
policy intervention in the foreign exchange market throughout the new year. The
inflation rate was estimated at 10.81% (which was 1.04% lower than the 11.85%
Inflation rate in November 2019), while the estimated crude oil production is
2.18m barrels per day.
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