The Federal Government has earmarked over nine-billion naira for agriculture and rural development in the 2020 budget, saying the implementation of the budget would commence on January 1, 2020.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, explained that the overall deficit is two-point-one-seven-five trillion naira for 2020. She added that this represents 52 percent of the Gross Domestic Product, GDP, which is within the threshold stipulated in the Fiscal Responsibility Act.
Zainab also noted that the deficit is to be financed mainly by borrowings from domestic sources, seven-hundred-and-forty-four-point-nine-nine billion naira; foreign sources, eight-hundred-and-fifty billion naira and multi-lateral/bi-lateral loan drawdowns, three-hundred-and-twenty-eight-point-one-three billion naira.
Giving a breakdown of the 2020 budget in Abuja, the Minister explained that the nine billion naira for agriculture would boost the promotion and development of the sector in more than thirty different commodities.