President Muhammadu Buhari on Friday signed the revised 2020 budget of N10.8 trillion into law after months of stalling.
He said the budget was revised to take into consideration, the impact of the Covid-19 pandemic on the economy.
The National Assembly had passed the budget in June and forwarded it to the president for assent.
According to the president, Ministries, Department and Agencies, MDAs would be given 50 percent of their capital allocation by the end of the month.
The Oil benchmark in the budget was reduced from $57 per barrel to $25 and crude production was reduced from 2.18 million to 1.94 million barrels per day in the new revised budget, the Minister of Finance, Mrs. Zainab Ahmed disclosed.
She announced that N5.365 trillion of the budget will be funded by domestic and foreign borrowing while direct revenue funding will cover N5.158 trillion. Adding that the revised sum is just a difference of N71.5 billion compared to the previously approved budget.Â
At the budget signing event, Nigeria’s Vice-President Yemi Osinbajo (SAN), Secretary to the Government of the Federation (SGF), Mr Boss Mustapha, and the Chief of Staff to the President, Professor Ibrahim Gambari; Senate President, Ahmed Lawan, Speaker Femi Gbajabiamila and other principal officers also witnessed the signing, which took place inside the presidential villa.
Also at the signing were Ministers Finance, Budget and National Planning, Zainab Ahmed; Minister of State Finance, Clement Agba, Governor of Central Bank of Nigeria, Godwin Emiefile and Director General Budget, Ben Akabueze.
