Thread by @NGRSenate

“Additional revenues will be used to fund health, education, and infrastructure programs.”- President Muhammadu Buhari.
#Budget2020Ng

“Our proposals raise the threshold for VAT registration. The sum of 8.5 trillion is projected as government revenue in 2020.”- President Muhammadu Buhari.
#Budget2020Ng

“The 2018 capital budget was implemented till June 2019, while the sum of
N294.6 billion has been released for capital projects under 2019 budget, as of September 30, 2019.”- President Muhammadu Buhari.
#Budget2020Ng

“I have directed the Federal Ministry of Finance to release additional 600 billion Naira for capital by end of 2019.”- President Muhammadu Buhari.
#Budget2020Ng

“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.

“Based on new VAT rate, revenue generation will be increased and will be used to fund education, health and infrastructure.”- President Muhammadu Buhari.

“The VAT Act already exempts Pharmaceuticals, Educational items and basic commodities. More items to will be added to the exemptions.”- President Muhammadu Buhari.

“The threshold for VAT registration according will be raised to N25m turnover per annum, to bring relief to small businesses.”- President Muhammadu Buhari.

“8.155 trillion Naira is the revenue generation estimated in the #Budget2020Ng. These are broken down into

Oil: 2.64 trillion
Non-oil: 1.81 trillion
Others: 3.7 trillion.”- President Muhammadu Buhari.

“Nigeria's External reserves have gone up from $23bn in Oct. 2016 to $42bn in Sept 2019 . The proposed Increase in VAT from 5% to 7.5% will be used to fund education, health & infrastructure.”-President Muhammadu Buhari.
#Budget2020Ng

“Educational items and basic commodities are excluded by virtue of the VAT Act- President Muhammadu Buhari.
#Budget2020Ng

“By end of October, 2019 agencies must obtain approval before embarking on a new recruitment exercise or face sanctions.”- President Muhammadu Buhari.
#Budget2020Ng

“Capital inflow into Nigeria at the end of the first quarter of 2019 stood at $14 billion as against $12 billion within the same period in 2018.”- President Muhammadu Buhari.
#Budget2020Ng

“Infrastructure Tax Credit Scheme launched in January 2019, has already attracted >200 billion Naira in private capital into reconstruction of ~800km of Federal Roads, across all 6 geopolitical zones.”- President Muhammadu Buhari.
#Budget2020Ng

“I seek the support of the National Assembly in passing into law two Executive PIBs he will be forwarding shortly.”- President Muhammadu Buhari.
#Budget2020Ng

“The Deep Offshore Act Amendment Bill 2018 submitted to the 8th Assembly in June 2018, but not passed will be re-forwarded shortly.”- President Muhammadu Buhari.
#Budget2020Ng

President Buhari lays before the Joint Session of the National Assembly the #Budget2020Ng Proposal, says the full breakdown will be provided by the Federal Ministy of Finance later.
#Budget2020Ng

Speaker Femi Gbajabiamila gives his closing remarks as he thanks Mr. President for honouring the National Assembly for the #Budget2020Ng presentation.

Senate returns to its plenary at 3:31pm
#TodayInSenatePlenary

Senate President, @DrAhmadLawan announces that the highlights of the budget as presented by Mr. President will be distributed among Senators in both soft and hard copies this afternoon and budget debate starts tomorrow morning.

Senate Leader moves that all items on the order paper be stood down to another legislative day. Minority Leader seconds.

Plenary is adjourned to Wednesday, 9th October, 2019.
#GavelBangs
#TodayInSenatePlenary