LUKMAN OTUNUGA, FXTM SENIOR RESEARCH ANALYST, COMMENT ON THE 2020 BUDGET.

Lukman Otunuga, Senior Research Analyst, FXTM

All eyes were on Nigerian President Muhammadu Buhari as presented a record 10.33 trillion-naira budget for 2020 to lawmakers on Tuesday.

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Although Buhari told lawmakers that the “economic environment remains challenging”, one could not help but feel a sense of hope and optimism from the budget. According to the president, total government revenue in 2020 will hit N8.155 trillion-naira, comprising oil revenue of N2.64 trillion, non-oil tax revenues of N1.81 trillion and other revenue of N3.7trillion.

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Should crude oil production remain around 2.18 million barrels a day target and oil prices stabilize or trade above $57, the outlook for Nigeria is set to brighten in 2020.

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However, the budget must still be approved by parliament before being signed into law by Buhari. Lessons of the past have illustrated how long this process may take with the repeated delay of passing the 2018 budget acting as a prime example.