At Last, Buhari Will Sign Revised 2020 Budget On Friday Says Presidency

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After series of revisions of the 2020 budget occassiioned by the COVID 19 pandemic and oil price crash, President Muhammadu Buhari will today sign the revised 2020 budget into law following its passage by the National Assembly last month.

This was confirmed by the Presidency in a tweet on its handle late on Thursday.

“President Buhari will tomorrow, Friday July 10, 2020, sign into law the revised 2020 budget passed by the National Assembly last month,” the presidency tweeted.

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Recall that the Senate had on June 11th, passed the revised 2020 budget of N10, 805,544,664,642, a day after the House of Representatives did the same.

A breakdown of the figure shows that the sum of N2tr for capital expenditure and recurrent non-debt expenditure has N4tr

The executive also allocated N422, 775,979,362 for statutory transfer, while N2,951,710,000,000 was budgeted for debt service.

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The passage of the revised figure, which is to be issued from the Consolidated Revenue Fund, followed the consideration of the report of the Senate Committee on Appropriations on the Appropriation Act (Amendment) Bill, 2020.

Recall also that the Federal Government had in April, cut down the 2020 budget by over N320 billion and proposed a new budget of N10.27 trillion against the N10.59 trillion initially passed by the National Assembly.

This cut was necessitated by global economic realities due to the COVID-19 pandemic as well as crisis in the oil market.

The Minister of Finance, Budget and National Planning Minister, Zainab Ahmed had in May said a further downward revision will mean that the Federal Government has now dropped the benchmark from an initial $57 per barrel to $30.

 

 

Babajide Okeowo
Babajide Okeowohttps://newdiplomatng.com/
With a career spanning over a decade spent across the Business, Political and Entertainment beats of prominent media organizations in Nigeria, Babajide Okeowo has carved a niche for himself as a Journalist of repute. As a newsroom guru, he has penned several weighty narratives and designed content that speak to a news medium's values, vision and mission while ensuring that the content resonate pretty well with a variety of critical audiences across Nigeria and beyond. A consummate storyteller whose coverage of the business industry is valuable, Okeowo is blessed with a vast analytical mind and data interpretation skills. In his spare time, he interprets data for a Leading American University while also volunteering for a Non-Governmental Organization on Mindset Transformation. Okeowo is the Content Editor of The New Diplomat.

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