Finance, Budget and National Planning gets 43.6% of 2020 budget

October 10, 2019
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The lion’s share of the N9.4 trillion Federal Government’s main budget proposal for 2020 was allocated to the Federal Ministry of Finance, Budget and National Planning.

Although, President Muhammadu Buhari on Tuesday presented a proposal of N10.7 trillion to a joint session of National Assembly, N9.4 trillion of the sum would be spent by ministries, departments, and agencies (MDAs) while the balance was for some big parastatals and corporations like Nigerian National Petroleum Corporation and others.

According to details of the Executive Proposal posted on the website of Budget Office of the Federation (BOF), the Ministry of Finance, Budget, and National Planning will spend N4.1 trillion or 43.6 percent of the MDAs vote.

The proposed allocation is made up of N748,602,309,977 for personnel; N3,063,398,998,775 for overhead; N3,812,001,308,752 for recurrent and; N362,791,562,425 for capital expenditure.

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President Muhammadu Buhari merged the ministry of Budget and National Planning with Finance at the beginning of his second term.

Debt Management Office (DMO) got an allocation of N2.749 trillion while N1.400 trillion was allocated to Service Wide Votes.

Other big spenders include the Ministry of Defence with an allocation of N878.4 billion; Interior- N254.8 billion; National Assembly- N125 billion; Police Affairs- N409.1 billion; National Security Adviser- N138.4 billion; Transportation- N135.6 billion.

Others are Ministry of Power- N133.4 billion; Works and Housing- N287.1 billion; Judiciary- N110 billion; Youth and Sports Development- N171.0 billion; Niger Delta- N106.7 billion; Humanitarian Affairs and Disaster Management- N444.2 billion; Education- N652 billion; Health- N427.2 billion and Aso Rock- N58.4 billion.

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