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President Buhari signs revised 2020 budget into law

President Muhammadu Buhari has signed into law, the revised budget of N10.8 trillion for the year 2020.

President Buhari assented the budget at about 11:06 am on Friday at the Council Chambers of the Presidential Villa in Abuja.

According to President Muhammadu Buhari, the budget had to be revised because of the effect of the coronavirus (COVID-19) pandemic on the nation’s economy.

He explained that Ministries, Department, and Agencies (MDAs) of the government would be given at least 50 per cent of their capital allocation by the end of July.

The President said the timing of the signing of the budget was to keep with the January to December budget cycle.

On June 11, the senate increased the total size of the revised budget by N5 billion from N10.805 trillion to N10.810 trillion.

The Senior Special Assistant (SSA) to the President on National Assembly Matters (Senate), Senator Babajide Omoworare, and the SSA to the President on National Assembly Matters (House of Representatives), Umar Yakub, presented the budget to him.

President Buhari was joined at the signing ceremony by the Vice President, Professor Yemi Osinbajo, as well as the Senate President, Ahmed Lawan, and Speaker of the House of Representatives, Femi Gbajabiamila.

Others in attendance included the Chief of Staff to the President, Professor Ibrahim Gambari, and the Secretary to the Government of the Federation (SGF), Boss Mustapha.

The Minister of Finance, Budget and National Planning, Zainab Ahmed; Minister of State (Finance), Clement Agba; Governor of the Central Bank of Nigeria (CBN), Godwin Emiefile; and Director-General of the Budget Office, Ben Akabueze, were also at the Council Chamber to witness the signing of the revised budget.

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