EconomicsnewsTop News

Revised 2020 Budget: President Buhari Signs N10.8trn

President Muhammadu Buhari has signed the revised 2020 Budget of N10.8 trillion, passed by the National Assembly in June, into law.

President Buhari, while signing the bill into law, on Friday, 10 July, 2020, explained that the revision became necessary because of the weakening effect of the COVID-19 pandemic on the nation’s economy.

According to him, ministries, departments and agencies will be given 50 percent of their capital allocation by the end of the month.

The signing ceremony, which took place inside the State House, Presidential Villa, Abuja, was witnessed by the Vice-President Yemi Osinbajo (SAN), Secretary to the Government of the Federation (SGF), Mr Boss Mustapha, and the Chief of Staff to the President, Professor Ibrahim Gambari.

Senate President, Ahmed Lawan, Speaker Femi Gbajabiamila and other principal officers also witnessed the signing of the revised 2020 Budget of N10.8 trillion.

The Minister of Finance, Budget and National Planning, Zainab Ahmed; Minister of State Finance, Clement Agba, Governor of Central Bank of Nigeria, Godwin Emefiele and Director General Budget, Ben Akabueze.

The signing was preceded by the formal presentation of the budget to the President by Senator Babajide Omoworare, Senior Special Assistant (SSA) to President on National Assembly Matters (Senate) and Hon. Umar El-Yakub, on National Assembly Matters (House of Representatives) while the Osinbajo, Lawan, and Gbajabiamila joined him to witness the signing of the budget at exactly 11:06am.

Related Articles

Back to top button