The first joint session of the National Assembly is underway for the presentation of the 2020 Appropriation Bill. (#Budget2020Ng)
President Muhammau Buhari has arrived the National Assembly Complex.
Welcome to our live update.
Thanks for following our live broadcast of the budget presented today.
15:12pm: The session is brought to a close.
15:03pm: Hon Gbajabiamila addressed the joint session.
15:00pm: Buhari shakes hands with key officers of the National Assembly.
14: 59pm: President Buhari steps down from the podium and heads to his seat as NASS stands in his honour.
14:55pm: President Buhari says the goal is for the 2020 Appropriation Act to come into effect on January 1, 2020.
14:53: Nigeria remains committed to meet its debt service obligations. – President Buhari
14:50pm: Top #Budget2020Ng Allocations include Works and Housing : N262b Power: N127bn Transportation: N123bn UBE: 112bn Defence: N100bn Zonal Intervention Projects: N100bn Agriculture and Rural Devt: N83bn Water Resources: N82bn Niger Delta: 81bn Education: N48bn Social Work:30bn, FCT: 28bn.
14:45pm: The President says the main emphasis will be on the completion of as many ongoing projects as possible, instead of starting new ones.
14:44pm: 2.46 trillion Naira is proposed for capital projects in the 2020 budget, the president reveals.
14:43pm: President Buhari says he has directed the stoppage of salaries for any staff not captured in the Integrated Payroll and Personnel Information System (IPPIS) by end of October 2019.
14:42pm: Budget for National Human Rights Commission (NHRC) has increased from N1.5 billion to N2.5 billion in the 2020 budget.
14:40pm: President Buhari says domiciliary accounts in foreign missions will be captured in TSA, as well as for GOEs.
14:39pm: We will raise the threshold for VAT registration to N25m turnover per annum, to bring relief to our small(est) businesses.
14:39pm: Debt service is estimated at 2.45 trillion Naira, says President Buhari.
14:33pm: President Buhari says the receipts from VAT in the last budget year were below expectation
14:31pm: “The 2020 appropriation being presented today is predicated in the following parameters: Benchmark Oil Price : $57 Production: 2.18m bpd FX: N305/$ Proposed Increase of VAT from 5% to 7.5%.”- President Muhammadu Buhari.
We are current on salaries and over head costs, says President Buhari.
14:25pm: The President gives a brief analysis of the premise upon which the budget has been put together.
14:18pm: President Buhari takes to the podium to address the joint session.
14:09pm: Senate President, Ahmad Lawan addressed the joint session of the National Assembly.
14:07pm: Muslim and Christian prayers are observed.
14:05pm: The National Assembly formalities began.