This is the speech delivered by President Muhammadu Buhari to the joint sitting of the National Assembly on the 2019 budget presentation.
This is my last Budget Speech to the 8th National Assembly.
“Today, we will review economic development over the last three-and-a-half years with emphasis on 2018. We will also highlight the budget for 2019.
“The last three-and-a-half years have been challenging both home and abroad. Both oil and non-oil markets have been volatile. There have been disruptions in oil production in the country.
However, we have cause to be optimistic about the future. The economy has recovered from recession. We have done more work with less resources in Agriculture, Social Development and Infrastructure.
We have intervened several times to support states in the payment of salaries. The Federal Government has also sustained its efforts to curb corruption through the comprehensive cooperation of the single treasury account.
We have also made efforts to end the insurgencies in affected areas of the country. We thank the Armed Forces and Security Agencies for their efforts and sacrifices in protecting the nation.
We have also made many efforts to enhance transparency and accountability in public service delivery. Inflation has declined from 18.2% in January to 11.28% in November. Foreign Capital Influence has also improved.
Trading is a significant contributor to our country’s economy. But we must strengthen other areas such as Information Technology and Entertainment; all hands must be on deck to ensure the country succeeds.
In Agriculture, we are seeing increased investments in all areas of the sector. Indeed, we are on course to achieve good security in the nearest future.
We also prioritized the completion of already ongoing projects as opposed to starting new ones.
We have included the implementation for the National Minimum Wage. I will be sending a Bill to this National Assembly, on this.
To further support SME’s, we have set aside N15 billion, while the sum of N10 billion has been granted to BOI for this purpose.
I hereby present and lay the 2019 Budget to the floor of the National Assembly for consideration and passage.
We can all commit to the early passage of this Bill.
I thank you most sincerely for your attention. God bless the Federal Republic of Nigeria.
Nigeria’s Public Debt Is Officially ₦29.83 Trillion
The total public debt stocks of the Federal Government of Nigeria, all states within the Nigerian federation, and the FCT is now ₦28.63 trillion as of Q1 2020.
This is was made known by the National Bureau of Statistics (NBS) in a report they released on Friday, July 10, 2020.
Further analysis of Nigeria’s total public debt showed that N9.99 trillion which equals about 34.89% of the debt was external.
A breakdown of the report revealed that the total debt stock of the states as of 31 March 2020 is N4.1 trillion. Meanwhile, these states’ total Internally Generated Revenue (IGR) for 2019 was N1.3 trillion. They also received N2.47 trillion from FAAC.
As usual, Lagos State recorded the highest IGR at N398.7 billion. The state also received N117.8 billion in FAAC disbursements and has a total debt stock of N444.2 billion, thereby making up 10.8% of the total debt stock of the states.
Yobe State recorded the lowest debt stock out of all the states with just N29.2 billion. This made up just 0.7% of the total debt stock of the states. Meanwhile, the state generated a total IGR of N8.4 billion in 2019.
Part of the report by the NBS said:
“Nigerian States and Federal Debt Stock data as at 31st March 2020 reflected that the country’s total public debt portfolio stood at N28.63trn. Further disaggregation of Nigeria’s total public debt showed that N9.99trn or 34.89% of the debt was external while N18.64trn or 65.11% of the debt was domestic.
“Similarly, States and FCT domestic debt was put at N4.11trillion with Lagos state accounting for 10.8% of the total domestic debt stock while Yobe State has the least debt stock in this category with a contribution of 0.7%.”
— Dr Yemi Kale (@sgyemikale) July 10, 2020
However, the FCT had total debt of N106.8 billion, making up 2.6% of the total debt stock of the states. The FCT also recorded an IGR of N74.5 billion in 2019 and received N71.9 billion in FAAC.
The Federal Government’s total domestic debt stock by Q1, 2020 was N14.5 trillion, with FGN bonds making up 72.5% of the total portfolio followed by treasury bills at 18.24%.
The total public debt stock has risen by 4% since December 2019 while the previous figure stood at N27.4 trillion.
BREAKING: Buhari Signs N10.8trn Revised 2020 Budget
President Muhmmadu Buhari, on Friday, signed the revised 2020 Budget of N10.8 trillion, passed by the National Assembly in June, into law.
While signing the bill into law, the President explained the revision became necessary because of the weakening effect of the COVID-19 pandemic on the nation’s economy.
He also said ministries, department and agencies will be given 50 percent of their capital allocation by the end of the month.
The signing ceremony, which took place inside the State House, was witnessed by the Vice-President Yemi Osinbajo (SAN), Secretary to the Government of the Federation (SGF), Mr Boss Mustapha, and the Chief of Staff to the President, Professor Ibrahim Gambari.
Senate President, Ahmed Lawan, Speaker Femi Gbajabiamila and other principal officers also witnessed the signing.
The Ministers Finance, Budget and National Planning, Zainab Ahmed; Minister of State Finance, Clement Agba, Governor of Central Bank of Nigeria, Godwin Emiefile and Director General Budget, Ben Akabueze.
At 11:03am, Senator Babajide Omoworare, Senior Special Assistant (SSA) to President on National Assembly Matters (Senate) and Hon. Umar El-Yakub, on National Assembly Matters (House of Representatives) presented the budget to the President, while the Osinbajo, Lawan, and Gbajamilia joined him to witness the signing the budget at exactly 11:06
Nigeria Records 499 New COVID-19 Cases, Total Now 30,748
Nigeria has recorded 499 new cases of coronavirus, bringing the total number of infections in the country to 30,748.
The Nigeria Centre for Disease Control (NCDC) made this known via its Twitter handle on Thursday.
“499 new cases of #COVID19; Lagos-157 Edo-59 Ondo-56 Oyo-31 Akwa Ibom-22 Borno-21 Plateau-19 Kaduna-18 Katsina-18 Bayelsa-17 FCT-17 Delta-14 Kano-11 Rivers-10 Enugu-8 Ogun-6 Kwara-4 Imo-3 Nasarawa-2 Osun-2 Abia-1 Ekiti-1 Niger-1 Yobe-1.”
499 new cases of #COVID19;
499 new cases of #COVID19;
689 deaths pic.twitter.com/F44yWh4c4y
— NCDC (@NCDCgov) July 9, 2020
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