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.
