2020 Federal Government of Nigeria Budget Proposal - Highlights

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 Tuesday, October 8, 2019   /  10:52PM  / By Wole Obayomi, KPMG  / Header Image Credit: KPMG

 

His Excellency, the President of the Federal Republic of Nigeria, Muhammadu Buhari, GCFR, on 8 October 2019, presented the Federal Government Budget proposal for 2020 before a joint sitting of the National assembly.

 

The President, during his presentation, stated that the

  • Projected Federal Government Revenue for 2020 is N8.15trillion.

 

  • Benchmark oil price: $57

 

  • Budgeted production: 2.18 million barrels per day (mbpd)

 

  • Exchange rate: N305/$1

 

The proposed revenue is expected to be financed by, among others, the additional revenue that would be derived from a proposed increase in the Value Added Tax (VAT) rate from 5% to 7.5%.

 

The impact of the VAT rate increase would be managed by introducing a VAT exemption threshold for businesses with a turnover of less than N25million per annum and by expanding the list of VAT exempt items to include educational items and other basic commodities.

 

The additional revenue generated from VAT would be used to fund healthcare, education and infrastructure.

 

 

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