Buhari Signs N10.5 Trillion 2020 Budget
President Muhammadu Buhari has signed the 2020 Appropriation Bill into law.
The president signed the N10,594,362,364,830 trillion budget at the Presidential Villa, Abuja, on Tuesday at 3:37pm.
This is the earliest period that the budget has been signed into law for the following year since the return of democracy in 1999.
The total budget was increased from N10.33 trillion to N10.594 trillion by the National Assembly.
The sum of N560.47 billion has been earmarked as the total budget is for statutory transfers, while N2.7 trillion is for debt service.
Other breakdown of the budget include N4,842,974,600,640 for Recurrent Expenditure; Capital expenditure N2,465,418,006,955; Fiscal Deficit N2.28 trillion and Deficit/GDP N1.52 per cent.
The country’s daily oil production rate was estimated at 2.18 million per barrel, while the oil benchmark price was increased to $57 per barrel from the $55 per barrel proposed by the Executive.
The inflation rate was set at 10.81 per cent, while the exchange rate remains at N305 to a dollars as proposed by the executive.
Speaking after signing the document, President Buhari lauded the National Assembly for their patriotic zeal in ensuring the quick passage of the budget.
He informed the lawmakers that he looks forward to receiving the Finance Bill for assent in the shortest time.
The president urged all Ministries, Departments, and Agencies (MDAs) to ensure the effective implementation of the 2020 budget.
He expressed confidence in his administration’s ability to finance the 2020 budget.
The budget signing was witnessed by Vice President, Professor Yemi Osinbajo; Boss Mustapha, Secretary to the Government of the Federation; Senator Ahmed Lawan, the Senate President; and Femi Gbajabiamila, Speaker of the House of Representatives
Also present were Zainab Ahmed, Minister of Finance, Budget, and National Planning; presidential aides and members of the National Assembly.