The Senate Minority Leader, Enyinnaya Abaribe (PDP, Abia South), has said the 2020 budget presented by President Muhammadu Buhari is “nothing but a budget of taxation”. Abaribe made the statement during the deliberations of the Appropriation Bill. President Muhammadu Buhari had on Tuesday presented a proposed N10.33 trillion budget to the national assembly for 2020.
Nigerian President, Muhammadu Buhari and South African President, Cyril Ramaphosa discussed political and economic ties that the two countries have and how they plan to make them stronger. CNBC Africa's Karabo Letlhatlha spoke with the minister of trade and industry, Ebrahim Patel.
During Buhari’s budget presentation, the Nigerian President said the 2020 budget is designed to drive fiscal consolidation to strengthen the economy. Meanwhile, the International Monetary Fund (IMF) says Nigeria's elevated fiscal deficits rely on central bank financing which complicates monetary policy. To breakdown Nigeria's spending plan, Sam Chidoka, Managing Director and CEO of Kairos Capital joins CNBC Africa.