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Budget implementation tops agenda as Buhari chairs first FEC in 2020

President Muhammadu Buhari is today presiding over the first federal executive council meeting in 2020 focused on fine-tuning strategies for the implementation of the 2020 budget.

With a total expenditure package of N10.594T, Capital Expenditure is expected to gulp N 2.465T and Recurrent Expenditure of N 4.842trn

The 2020 budget statutory transfer stands at N560.4bn, debt servicing at N2.72tn and a fiscal deficit of N2.28trn

At the FEC meeting which holds regularly on Wednesdays, representatives of some Ministries, Departments and Agencies (MDAs) of the federal government, representing power, oil and gas and works, were invited to brief cabinet members on their implementation strategies

The President had in his January 1st letter to Nigerians, promised an action-packed programme highlighting some of the projects that Nigerians should expect to come upstream from 2020.

They include further liberalisation of the power sector to allow businesses to generate and sell power; commencement of the construction of the Mambilla Power project by the first half of 2020; and commencement of the construction of the AKK gas pipeline, OB3 gas pipeline and the expansion of the Escravos –Lagos pipeline in the first quarter of 2020.

Others are 47 road projects scheduled for completion in 2020/21, including roads leading to ports; major bridges including substantial work on the Second Niger Bridge; as well as completion of 13 housing estates under the National Housing Project Plan, in Lagos, Kano, Maiduguri and the Enugu international airports to be commissioned early, 2020.

The President also promised to Flag off an agricultural rural mechanisation scheme that will cover 700 local governments over a period of three years,  Livestock Development Project Grazing Model in Gombe State where 200,000 hectares of land have been identified, amongst others.

 

Details later.

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