Presidency finally reveals when Buhari will sign revised 2020 budget

Presidency finally reveals when Buhari will sign revised 2020 budget

- The presidency has revealed that President Buhari will sign the revised 2020 budget on Friday, July 10

- Senate had on June 11, passed the revised 2020 budget of N10,805,544,664,642

- The FG had in April cut down the 2020 budget by over N320 billion and proposed a new budget of N10.27 trillion

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The presidency has said that President Muhammadu Buhari will sign the revised 2020 budget into law on Friday, July 10, following its passage by the National Assembly in June.

Legit.ng reports that the presidency made this known on the evening of Thursday, July 9, in a statement it issued via its handle.

“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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Channels TV also reports that the Senate had on June 11, passed the revised 2020 budget of N10,805,544,664,642, a day after the House of Representatives did the same.

Presidency finally reveals when Buhari will sign revised 2020 budget

President Muhammadu Buhari. Credit: Facebook/Femi Adesina.
Source: Facebook

A breakdown of the figure shows that the sum of N2,488,789,433,344 is for capital expenditure and recurrent non-debt expenditure has N4,942,269,241,984.

The executive also allocated N422,775,979,362 for statutory transfer, while N2,951,710,000,000 was budgeted for debt service.

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.

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 passed by the National Assembly.

According to the government, this cut is based on the global economic realities as a result of the COVID-19 pandemic as well as the recent crisis in the oil market.

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The minister of finance, budget and national planning minister, Zainab Ahmed, had in May said a further downward revision would mean that the federal government has now dropped the benchmark from an initial $57 per barrel to $30.

Ahmed also said the federal government's plans to cut oil production to 1.7 million barrels per day (mbpd), from the 2.1 mbpd previously proposed in the budget.

“We are in the process of an amendment that is bringing down the revenue indicator to $20 per barrel,” she said.

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Meanwhile, Legit.ng had previously reported that sequel to the allegations that Yemi Osinbajo received funds from the suspended acting chairman of the Economic and Financial Crimes Commission (EFCC) Ibrahim Magu, the vice president wrote to the Inspector-General of Police, Mohammed Adamu.

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It was reported that the development was coming after an unconfirmed report broke out on social media that Magu gave Osinbajo N4 billion after allegedly embezzling over N39 billion.

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Source: Legit Nigeria

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