Minister of finance, budget and national planning, Zainab Ahmed says the federal government will propose N9.79 trillion to the National Assembly as total expenditure in the 2020 budget.
Ahmed disclosed this at a public consultation forum with civil society groups and agencies on the draft 2020-2022 medium term expenditure framework (MTEF), in Abuja on Tuesday.
The N9.79 trillion represents an increase of 9.75 percent over N8.916 trillion spending for 2019.
She said the amount is based on projection of a proposed revenue of about N7.64 trillion and a total proposed fiscal deficit component of about N2.142 trillion.
According to her, the budget will be proposed based on the assumption of an oil production capacity of 2.18 million barrels per day, crude oil price of $55 per barrel, against $60 per barrel last year, and exchanged rate of N305 to the dollar.
Speaking on debt service, she said debt service is projected to increase from N2.14 trillion in 2019 to about N2.45 trillion; statutory transfer of N526.46 billion, from N502.1 billion in 2019, and sinking fund of N296 billion, from N110 billion.
Ahmed also said recurrent non-debt appropriation was put at about N4.57 trillion against N4.39 trillion in the 2019 budget.
Minister of finance added that inflation rate for the year is projected at an average of 10.81 percent, with nominal consumption figure of about N122.75 trillion and nominal gross domestic product of N142.96 trillion. The GDP growth rate is put at about 2.93 percent.