- President Muhammadu Buhari signs 2020 appropriation bill into law.
- The 2020 appropriation is a deficit budget, and President Buhari promises to submit a borrowing plan to the National Assembly.
- He says the government will make efforts to ensure the presentation of the 2021 Appropriation Bill to the National Assembly in September 2020.
On Tuesday, December 17th, 2019, President Muhammadu Buhari signed the $34.62 billion (N10.59 trillion) 2020 appropriation bill into law.
The president signed the budget in the presence of Nigeria's Vice President Yemi Osinbajo, Ahmed Lawan, the Senate President, Femi Gbajabiamila, Speaker of the House of Representatives, and other principal officers of the National Assembly.
Key highlights of the 2020 budget
- Total expenditure of N10.594 trn
- Capital Expenditure of N 2.465trn
- Recurrent Expenditure N 4.842trn
- Statutory Transfer N560.4bn
- Debt Servicing N2.72trn
- Fiscal Deficit N2.28trn
2020 budget benchmarks
- Estimated crude oil production of 2.18m barrels per day
- Estimated crude oil price of $57 per barrel
- Exchange rate of N305/$1
- Projected GDP growth rate of 2.93%
- Projected Inflation 10.81%
Key highlights from President Muhammadu Buhari's speech on the 2020 budget
- President Buhari said the executive noted adjustments in the 2020 budget and may revert to the National Assembly with a request for a Virement or other relevant amendments.
- He promises to submit a borrowing plan to the National Assembly since it is a deficit budget and urged then to ensure its quick passage.
- The president promises to work with the National Assembly for the enactment of an Organic Budget Bill - a law specifying schedule and procedures for preparing, submitting and approval of Nigerian budget.
- He said he has directed the Ministry of Finance, Budget and National Planning and all Federal MDAs to ensure effective implementation of the 2020 Budget.
- He said the government will make efforts to ensure the presentation of the 2021 Appropriation Bill to the National Assembly in September 2020.