The N10.8 trillion revised 2020 national budget, which was passed by the National Assembly in June, has been signed into law today by President Muhammadu Buhari.
This was disclosed by the personal assistant to the President on New Media, Bashir Ahmad, on Friday morning via his verified Twitter account.
“At exactly 11:04am today, President @MBuhari signed into law, the revised N10.8 trillion budget for the year 2020,” Ahmad tweeted.
Recall that the National Assembly passed a revised budget of N10,805,544,664,642 on the 11th of June after the Federal Executive Council (FEC) approved a revised budget of N10.523trillion in May.
President Buhari announced that the budget was revised due to the effect of the COVID–19 pandemic on the economy, and disclosed all MDAs will be allocated 50% of their capital allocation by months end.
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 which was disclosed by Zainab Ahmed, the Minister of Finance.
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.
“This is because, as we cut down the size of the budget, we also have to bring in new expenditure previously not budgeted, to enable us adequately respond to the COVID-19 pandemic,” she said.
Buhari however said ministries, department and agencies will be given 15 per cent of their capital allocation by the end of the month.
The signing took place inside the Council Chambers of the State House, Abuja.
The Vice-President, Yemi Osinbajo, Secretary to the Government of the Federation, Boss Mustapha Chief of Staff to the President, Ibrahim Gambari witnessed the signing.
From the National Assembly, the Senate President, Ahmed Lawan and Speaker of the House of Representatives, Femi Gbajabiamila and other principal officers also witnessed the signing.