The Federal Government has presented the medium term expenditure framework and fiscal strategy paper where it proposed a total budget of 9.78 trillion naira for 2020.
The Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed who made the presentation, also proposed a budget of 10.1 trillion naira for 2021 and 10.4 trillion naira for 2022.
The crude oil benchmark for 2019 budget is put at 60 dollars per barrel whilst for 2020-2022, it is reduced to 55 dollars per barrel with the oil production benchmark put at 2.18 million barrels per day.
Ahmed also noted that “the 2020 to 2022 fiscal years will be very challenging with respect to revenue generation and rapid growth in personnel costs, thus the states would be adversely impacted.
She also tipped non-oil revenue to grow marginally.
The minister said all ministries, departments and agencies not on the Integrated Payroll and Personnel Information System IPPIS will not get paid as from October 2019 until they are able to do so.