The first joint session of the National Assembly is underway for the presentation of the 2020 Appropriation Bill.
President Muhammau Buhari has arrived the National Assembly Complex.
Welcome to our live update.
Thanks for following our live broadcast of the budget presented today.
15:12pm: The session is brought to a close.
15:03pm: Hon Gbajabiamila addressed the joint session.
15:00pm: Buhari shakes hands with key officers of the National Assembly.
14: 59pm: President Buhari steps down from the podium and heads to his seat as NASS stands in his honour.
14:55pm: President Buhari says the goal is for the 2020 Appropriation Act to come into effect on January 1, 2020.
14:53: Nigeria remains committed to meet its debt service obligations. – President Buhari
14:50pm: Top #Budget2020Ng Allocations include Works and Housing : N262b Power: N127bn Transportation: N123bn UBE: 112bn Defence: N100bn Zonal Intervention Projects: N100bn Agriculture and Rural Devt: N83bn Water Resources: N82bn Niger Delta: 81bn Education: N48bn Social Work:30bn, FCT: 28bn.
14:45pm: The President says the main emphasis will be on the completion of as many ongoing projects as possible, instead of starting new ones.
14:44pm: 2.46 trillion Naira is proposed for capital projects in the 2020 budget, the president reveals.
14:43pm: President Buhari says he has directed the stoppage of salaries for any staff not captured in the Integrated Payroll and Personnel Information System (IPPIS) by end of October 2019.
14:42pm: Budget for National Human Rights Commission (NHRC) has increased from N1.5 billion to N2.5 billion in the 2020 budget.
14:40pm: President Buhari says domiciliary accounts in foreign missions will be captured in TSA, as well as for GOEs.
14:39pm: We will raise the threshold for VAT registration to N25m turnover per annum, to bring relief to our small(est) businesses.
14:39pm: Debt service is estimated at 2.45 trillion Naira, says President Buhari.
14:33pm: President Buhari says the receipts from VAT in the last budget year were below expectation
14:31pm: “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.
We are current on salaries and over head costs, says President Buhari.
14:25pm: The President gives a brief analysis of the premise upon which the budget has been put together.
14:18pm: President Buhari takes to the podium to address the joint session.
14:09pm: Senate President, Ahmad Lawan addressed the joint session of the National Assembly.
14:07pm: Muslim and Christian prayers are observed.
14:05pm: The National Assembly formalities began.
