President Muhammadu Buhari is currently at the National Assembly to present the 2020 budget to the joint session of the assembly for approval.
This is a Live update of the activity in the House as reported by PM News Nigeria.
The president came into the Assembly at 2:04pm
2:05pm: National Assembly was taken.
2:07pm: Muslim and Christian prayers were observed.
2:09pm: Senate President, Ahmad Lawan addressing the joint session of the National Assembly.
The Senate President welcomed Buhari and his Vice, Yemi Osinbajo to the Assembly for the budget presentation. He pledged the National Assembly’s support for the president to actualise the next level agenda.
2:18pm: Buhari begins budget presentation
-Buhari says the nations Gross Domestic Product has grown from 1.93 percent in 2018 to 2.02 percent in the first half of 2019.
-He says inflation down from peak of ~18% in Jan 2017 to ~11% by August 2019. External reserves up from $23bn in October 2016 to ~$42bn in Sept 2019.
-Buhari says Capital importation up from $12bn in H1 2018 to $14bn in H1 2019.
-Buhari says 2018 capital budget implemented till June 2019 and that N294.6 billion released for capital projects under 2019 budget, as of Sept 30, 2019. “I have directed the Federal Ministry of Finance to release additional N600 billion for capital by end of 2019.”
-Benchmark Oil Price : $57 Production: 2.18m bpd FX: N305/$
-Proposed Increase of VAT from 5% to 7.5%. He says 2020 budget based on new VAT rate. Increased revenues will be used to fund education, health and infrastructure. VAT Act already exempts Pharma, Educational items and basic commodities. We will expand the exemptions.
Buhari says his government will raise the threshold for VAT registration to N25m turnover per annum, to bring relief to small(est) businesses.