2020 Budget: Buhari signs N10.594trn Appropriation Bill into law

Buhari signs N10.594trn 2020 Appropriation Bill into law

News Agency Of Nigeria

December 17, 2019 4:31 PM

President Muhammadu Buhari on Tuesday in Abuja signed the 2020 appropriation bill of N10,594,362,364,830 into law.

President Muhammadu Buhari signs N10.594trn 2020 Appropriation Bill into law. In attendance were: Vice President Yemi Osinbajo, President of the Senate, Ahmad Lawan, Speaker of the House of Representatives Hon. Femi Gbajabiamila, SGF Boss Mustapha, Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed, and others. [Twitter/@Opetuyii]

News Agency of Nigeria (NAN) reports that the budget was increased from N10.33 trillion to N10.594 billion by the National Assembly.

NAN observed that N560.47 billion of the total budget is for statutory transfers while N2.7 trillion is for debt service.

Other breakdown of the budget include N4,842,974,600,640 for Recurrent Expenditure; Capital expenditure N2,465,418,006,955; Fiscal Deficit N2.28 trillion and Deficit/GDP N1.52 per cent.

President Muhammadu Buhari signs N10.594trn 2020 appropriation bill into law. [Twitter/@Opetuyii] Pulse Nigeria

The budget as passed by the National Assembly also maintained Nigeria’s daily oil production rate at 2.18 million per barrel, but increased the Oil Benchmark Price to 57 dollars per barrel against the 55 dollars proposed by the Executive.

The signed 2020 budget also retained inflation rate at 10.81 per cent and the exchange rate at N305 to a dollars as proposed by the executive.

Vice-President Yemi Osinbajo; Senate President Ahmad Lawan; the Speaker, House of Representatives, Femi Gbajabiamila; Secretary to the Government of the Federation, Mr Boss Mustapha as well as presidential aides witnessed the signing of the budget at President’s mini-conference hall.

News Agency Of Nigeria