- September ending 2020 is the deadline given to President Muhammadu Buhari for the submission of the 2021 budget
- The deadline was given to the president by the Senate on Thursday, July 22
- The Senate president, Ahmad Ibrahim Lawan, stated that this will give the red chamber enough time to carry out needed actions and approve the budget before December
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President Muhammadu Buhari was on Wednesday, July 22, given the deadline of September 2020 for his submission of the 2021 national budget.
The deadline was agreed upon by senators and approved by the Senate president, Ahmed Lawan, during plenary on Thursday.
According to Lawan, the submission of the 2021 budget by President Buhari before or by September ending will afford the red chamber sufficient time go through the document and approve it before 2020 runs out.
The Senate boss made this remark as he made reference to the 2021-2023 Median Term Expenditure Framework and Fiscal Strategy Paper brought before the upper chamber by the president.
Meanwhile, Legit.ng reported that the N10.805,544,664,642 revised budget for 2020 which was approved on Wednesday, June 10, had been passed by the nation's National Assembly.
The Senate passed the reviewed budget during its plenary held on Thursday, June 11, Channels TV reports. A breakdown of the new budget is as follows: capital expenditure - N2,488,789,433,344, recurrent non-debt expenditure - N4,942,269,241,984.
Also, while the sum of N422,775,979,362 was allocated to the executive arm of the federal government for statutory transfer, debt serving gets N2,951,710,000,000.
Before this, the National Assembly, the legislative arm of the country, had put its holiday on hold in order to reconvene and consider the 2020 revised budget on Thursday, May 28.
The development was contained in a memo dated Tuesday, May 26, addressed to members of the two chambers by Mohammed Sani-Omolori, the NASS clerk.
The 2020 appropriation bill had successfully scaled through the legislative hurdle but an outbreak of coronavirus necessitated the move to review the budget as the country faces the economic reality of the scourge.
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