Buhari signs revised 2020 budget into law

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...MDAs to receive 15% of Capital votes July Ending

 

President Muhammadu Buhari on Friday signed into law Nigeria’s revised budget of 10.8 trillion naira for the year.

 

At the event, Buhari promised that ministries, departments and agencies (MDAs) of government would receive 15 percent of their capital votes by the end of July. The signing took place at the Council Chamber of the Presidential Villa in Abuja, Nigeria’s capital.

 

The President explained that the budget had to be revised because of the effect of coronavirus on the nation’s economy. The global virus pandemic cut the price of crude oil, which accounts for about 85 percent of the governments revenue. It also reduced the volume of oil production by the country following the fall in the demand for oil.

 

Friday’s event marked the end of a journey that began last December when the National Assembly passed a budget of N10.594 trillion. That figure had to be revised downward to N10.509 trillion as the covid-19 pandemic set in. A final revision of the plan led to the figure of 10.8 trillion, which was finally signed by the President.  

 

The budget allocated the sum of N2.951 trillion for debt service, with domestic debts getting N1.873 trillion, foreign debts took N805.470 billion, while a sinking fund to retire maturing debt received N272.900 billion.

 

Those who witnessed the signing ceremony included Vice-President Yemi Osinbajo; Secretary to the Government of the Federation, Boss Mustapha, and Chief of Staff to the President, Ibrahim Gambari.

 

Others were Senate President, Ahmed Lawan and Speaker of the House of Representatives, Femi Gbajabiamila and other principal officers also witnessed the signing.

 

Also at the event were Zainab Ahmed, minister of state for finance, budget and national planning;  Clement Agba, Minister of State for Finance; Godwin Emefiele, governor of Central Bank of Nigeria, and Ben Akabueze, director-general of the Budget Office.