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

Babajide Okeowo
Writer
Buhari Restores Ownership Of Four Oil Blocks To NNPC, Overrules DPR

Ad

Olanipekun to NASS: Halt constitution amendment, let Nigerians decide through referendum

By Obinna Uballa Former President of the Nigerian Bar Association (NBA), Chief Wole Olanipekun (SAN), has urged the National Assembly to suspend all ongoing efforts to amend the 1999 Constitution, insisting that what Nigeria needs is not another round of patchwork reforms but a brand new, homegrown constitution that reflects the will and diversity of…

Katsina integrates Dakuku Peterside’s leadership principles into civil service reform agenda

By Obinna Uballa Katsina State recently took a new step in its ongoing civil service transformation drive by integrating leadership and governance principles drawn from the works of former Nigerian Maritime Administration and Safety Agency (NIMASA) Director-General, Dr. Dakuku Peterside, into its public sector reform agenda. Governor Dikko Umaru Radda, who unveiled the initiative through…

Prof. Joy Ogwu: Everlasting Fidelity to God and Country

By Kingsley Dike There are very few people in this world whose chance encounter with you has such a transformative impact in your growth and development as a person. Professor Joy Ogwu, former Nigerian Foreign Minister and Permanent Representative to the United Nations who recently passed was one of them. I had met her at…

Ad

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.

Read also: Gov. Emmanuel: ‘I’m Yet To Receive A Naira From FG’ To Battle Covid-19 In A/Ibom

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.

Read also: Rape Allegation: IGP Orders Probe Of D’banj

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.

 

 

Ad

X whatsapp