2020 BUDGET: States, LGs to get 85 percent of VAT – Fashola

The Minister of Works and Housing, Babatunde Fashola, has described the 2020 Budget proposal presented to the National Assembly by President Muhammadu Buhari as a pro-people and pro-state budget.

According to the minister, states and local governments in the country will receive 85 percent of the Value Added Tax to be raised in the 2020 budget to take care of salaries and infrastructure investment.

He further added that the remaining 15 per cent will go to the Federal Government for the development of infrastructure.

The minister said this in a statement issued by the Federal Ministry of Works and Housing in Abuja on Thursday.

According the former LAGOS State Governor, the appropriation bill submitted by the president would drive development of the states and enhance the well-being of citizens.

Read also: 2020 BUDGET: Senators query proposed VAT increase, others

He also called on Nigerians to look more at the content of the bill instead of the numbers.

The statement qouted the minister as saying: “The budget presented yesterday, everybody is just looking at the numbers, but how many people are doing the analysis aside from the numbers?

“We focus more on developmental infrastructure. A completed road is a development drive; a completed airport is also a development drive. These are the critical contents embedded in the budget, not just the numbers.”

The minister further urged people to look at the clear statement of intent of the bill, stressing that it would grow the economy, raise money and not hurt people through unfavourable tax regimes.

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