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Buhari to sign revised N10.8trn 2020 budget on Friday

President Buhari will on Friday sign into law the revised 2020 budget of N10.8 trillion passed by the National Assembly last month.

The Presidency disclosed this in a tweet on Thursday.

“President @MBuhari will tomorrow, sign into law the revised 2020 budget passed by the National Assembly last month,”
presidential aide, Bashir Ahmed tweeted on Thursday evening.

The National Assembly passed the revised budget last month.

It was initially passed in December 2019 but was returned to the legislature after the executive reworked it to reflect the current economic realities occasioned by the coronavirus pandemic.

The review of the budget was necessitated by the impact of the COVID-19 which has adversely affected the oil price and, by extension, the revenue projections of the government.

From the revised budget, N422 billion was earmarked for statutory transfers, while N4.9 trillion was for recurrent expenditure.

Capital expenditure will take N2.4 trillion and N2.9 trillion, about a quarter of the budget, will be used to service debt.

N500 billion was earmarked as intervention funds for the fight against COVID-19, while the health sector got N186 billion allocation.

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