Buhari signs N10.8trillion 2020 budget into law

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

While signing the bill into law at the Council Chambers of the Presidential Villa in Abuja, the nation’s capital, the President explained the revision became necessary because of the weakening effect of the COVID-19 pandemic on the nation’s economy.

Buhari disclosed that Ministries, Department, and Agencies (MDAs) of the government would be given at least 50 per cent of their capital allocation by the end of July. He said the timing of the signing of the budget was to keep with the January to December budget cycle.

The Senior Special Assistant (SSA) to the President on National Assembly Matters (Senate), Senator Babajide Omoworare, and the SSA to the President on National Assembly Matters (House of Representatives), Umar Yakub, presented the budget to him at about 11:03am.

The signing ceremony was witnessed by the Vice-President Yemi Osinbajo (SAN), Secretary to the Government of the Federation (SGF), Boss Mustapha, and the Chief of Staff to the President, Professor Ibrahim Gambari.

The Minister of Finance, Budget and National Planning, Zainab Ahmed; Minister of State (Finance), Clement Agba; Governor of the Central Bank of Nigeria (CBN), Godwin Emiefile; and Director-General of the Budget Office, Ben Akabueze, were also at the Council Chamber to witness the signing of the revised budget.