2020 budget: Buhari to sign appropriation bill on December 17

2020 budget: Buhari to sign appropriation bill on December 17

- President Buhari would sign 2020 appropriation bill on Tuesday, December 17

- The president had presented the budget estimate to the joint session of the National Assembly

- Senate had transmitted the passed bill to the president for his assent

Baring last minute changes, President Muhammadu Buhari would append his signature to the 2023 appropriation bill on Tuesday, December 17, in Aso Villa.

Vanguard reports that the appropriation bill was transmitted to the president for his assent last week.

Legit.ng gathered that Buhari had on October 8, presented the budget estimate to the joint session of the National Assembly.

The Senate president, Ahmed Lawan, had promised that the lawmakers would pass the budget before the end of the year in order to revert the nation’s back to the January to December budget cycle.

While the president had proposed N10.33 trillion, the appropriations committees of both chambers increased the budget size to N10.59 trillion.

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2020 budget: Buhari to sign appropriation bill on December 17
President Muhammadu Buhari
Source: Twitter

The breakdown of the budget revealed that out of the N263 billion addition, the National Assembly increased its budget from N125 billion to N128 billion.

The House of Representatives had passed the harmonised version, which Senate had earlier passed to ensure that the budget runs from January 1 to December 31, 2020.

In the new budget, N110 billion was appropriated for the judiciary while the Niger-Delta Development Commission (NDDC) got N808 billion.

The National Assembly also increased oil benchmark price to $57 per barrel as against the proposed $55 but maintained the daily crude oil production rate at 2.18 million per barrel.

The Gross Domestic Product (GDP) Growth Rate was retained at 2.93 percent, inflation rate 10.81 percent and exchange rate 305/US$1 as proposed by the Executive.

According to the Senate, N90 billion was added in the budget to cater for security challenges in the country, packages for lawmakers and support for Zamfara state.

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Meanwhile, Legit.ng had previously reported that the National Assembly on Thursday, December 5, passed the 2020 appropriation bill after the report presentation of Barau Jibrin, the chairman of the Senate committee on appropriation.

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It was reported that the 2020 budget was increased from N10.33 trillion earlier presented by President Buhari to 10,594,362,364,830, that is, approximately N10.6 trillion.

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Source: Legit.ng

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