Naija News reports that Buhari had on Tuesday presented a budget of N10.33 trillion for the 2020 fiscal year.
Speaking on the budget estimates, Buhari revealed that the nation’s Gross Domestic Product has grown from 1.93 per cent in 2018 to 2.02 per cent in the first half of 2019 and the external reserves rose from $23bn in October 2016 to $42bn in Sept 2019.
The president promised that his government will raise the threshold for VAT registration to N25m turnover per annum, to bring relief to small(est) businesses.
Reacting in a statement by its National Publicity Secretary, Lanre Issa-Onilu, the APC stated that the conduct of the 9th National Assembly during the presentation was a departure from the usual tensed and adversarial atmosphere of the previous four years.
The ruling party welcomed the commitment of both the executive and legislative arms to ensure budget passage is returned to January-December cycle.
The APC said the proposed 2020 budget is targeted at consolidating on the gains the current administration has made in revamping our power, rail and road infrastructure; diversification and retooling the economy, among other critical interventions.
“According to the President in his budget speech, tagged “Budget of sustaining growth and job creation”, there is a renewed government’s commitment to plugging revenue leakage with the continued strict implementation of the Treasury Single Account (TSA).
“We congratulate the leaders of the two chambers of the 9th National Assembly, Senate President Ahmed Lawan and Speaker of the House of Representatives, Rt. Hon. Femi Gbajabiamila for creating a convivial environment for the budget presentation exercise,” the party said.
The ruling APC also expressed confidence that the patriotic disposition of the leaders and members of the 9th National Assembly would ensure a cordial relationship with the executive arm.
According to the party, a cordial relationship with the executive would surely translate to good governance and proper implementation of the administration’s Next Level plans for Nigerians.