President Buhari signs revised 2020 budget into law

President Buhari signs revised 2020 budget into law

- The revised 2020 budget has finally being signed into law by President Muhammadu Buhari

- The disclosure was made by Tolu Ogunlesi, the president's special assistant on digital/new media

- Ogunlesi said Buhari signed the document at the council chamber of the presidential villa

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The Nigerian president, Muhammadu Buhari, has signed the N10.8 trillion revised 2020 budget into law.

Buhari signed the document at the council chamber of the presidential villa, in Abuja on Friday, July 10, according to Tolu Ogunlesi, his special assistant on digital/new media.

Breaking: President Buhari signs revised 2020 budget into law

Buhari disclosed that the budget had to be revised because of the effect of coronavirus on the nation’s economy. Photo credits: presidency
Source: UGC

"President Buhari signing Revised 2020 Budget this morning, at the State House. #Budget2020Revised," Ogunlesi disclosed in a tweet.

Legit.ng gathered that the president disclosed that the budget had to be revised because of the effect of coronavirus on the nation’s economy.

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He said ministries, department and agencies will be given 15 % of their capital allocation by the end of the month.

Some top government officials who witnessed the signing include; Vice President Yemi Osinbajo, secretary to the government of the federation, Boss Mustapha, and the chief of staff to the president, Professor Ibrahim Gambari.

In another report, the Federal Executive Council (FEC) has approved N2.3 trillion as a stimulus plan to support the Nigerian economy as the country continues to battle the novel coronavirus pandemic ravaging the global economy.

Legit.ng gathered that the funds were recommended by the Economic Sustainability Committee led by Vice President Yemi Osinbajo to ensure the country’s economy survives the impact of the pandemic.

Bashir Ahmad, a personal assistant to President Muhammadu Buhari on new media, disclosed this in a tweet on Wednesday, June 24.

The council's virtual meeting which was presided over by President Buhari considered and approved the stimulus plan.

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Meanwhile, the Nigerian Senate has disclosed that it has so far approved about $28 billion loans for the President Muhammadu Buhari-led administration in the last one year.

The Senate president, Ahmad Lawan, made the disclosure on Thursday, June 11, during his speech to commemorate the first anniversary of the 9th National Assembly, Daily Trust reported.

He said the federal government resorted to taking loans from both domestic and foreign sources to fund the 2020 budget.

Lawan stated that due to the adverse impact of the COVID-19 pandemic on Nigeria’s revenues, the Senate was prompted to review of the 2020 budget.

He said the National Assembly is monitoring loans to ensure that they are used for the original purpose.

He said while borrowing may be inevitable at the moment, the government should consider public-private partnership (PPP) as a means of funding some of its projects.

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The Senate president also pointed out that the COVID-19 pandemic had revealed the weaknesses in Nigeria’s health sector.

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