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Breaking: President Buhari Signs 2020 Budget Into Law

Hope rises for a prosperous 2020 as the 2020 appropriation bill of 10,594,362,364,830 has been signed into law by President Muhammadu Buhari on Tuesday in Abuja.

Breaking: President Buhari Signs 2020 Budget Into Law

However the budget was adjusted after submission to the National Assembly which the house increased it from the initial N10.33 trillion to N10.594billion.

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.

The budget 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 inflation rate seems to be static at 10.81 per cent and the exchange rate at N305 to a dollars as proposed by the executive.

The signing of the budget into law at the President’s mini-conference hall was witnessed by the 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.

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