Global News

President Buhari Signs ₦10.81 Trillion Amended 2020 Budget

President Buhari Signs ₦10.81 Trillion Amended 2020 Budget (Updated: Saturday, 11th July 2020, 04:51 PM)


President of Nigeria, Muhammadu Buhari has signed into law the revised N10.81 trillion budget for the year 2020 passed by the National Assembly in June.

The signing took place on Friday July 10 inside the Council Chambers of the State House, Abuja and was witnessed by Vice President Yemi Osinbajo among other top government officials.

The president said the Appropriation (Repeal and Amendment) Act, 2020 provided for aggregate expenditures of N10.81 trillion, which is an increase of N216 billion over the level of expenditure initially proposed in the 2020 Appropriation Act.

Buhari added that the signing of the 2020 Amended Budget underscored his administration’s firm commitment to effectively contain the spread of COVID-19 and protect the lives and livelihood of our people.

In his words, “With these budget amendments, as well as our recently launched N2.3 trillion Stimulus Programme, we are well-positioned to safeguard the economy,” he also said.

According to him, the Federal Ministry of Finance, Budget and National Planning were in the process of effecting budgetary releases that would ensure that all Ministries, Departments and Agencies (MDAs) receive at least 50 per cent of their amended capital budgets by the end of July.

Speaking during the ceremony, the Senate President confirmed the early start of the process for the 2021 Appropriation Bill.

Lawan said, “This will set the foundation for us to avoid falling into a recession next year.”

He also noted that though growth may be slow the budget will, however, ensure that the country avoids a recession.

In his words, “Growth may be negative, but the guarantee we have is that if we are able to implement this budget, probably expenditure is sustained, the economy will be a little bit better than it ordinarily, would be. We hope we are able to achieve this by December and already, the 2021 Appropriation Bill process has started”.

Add a coment

Recent Posts

Yonda
Yonda
Jhybo
Jhybo
Tiwa Savage
Tiwa Savage
HarrySong
HarrySong
C Blvck
C Blvck
Eva Alordiah
Eva Alordiah
Jaido P
Jaido P
King Perry
King Perry
Yung Effissy
Yung Effissy
Sinzu
Sinzu
Vector
Vector
Seriki
Seriki
Lamboginny
Lamboginny
Rahman Jago
Rahman Jago
Emo Grae
Emo Grae
Oritse Femi
Oritse Femi
Demmie Vee
Demmie Vee
Dremo
Dremo
Cassper...
Cassper...
Naira Marley
Naira Marley
Rayce
Rayce
Phyno
Phyno
Omar Sterling
Omar Sterling
Brymo
Brymo
Skales
Skales
Sarkodie
Sarkodie
Niniola
Niniola
Iyanya
Iyanya
Asake
Asake
Olakira
Olakira
DJ Neptune
DJ Neptune
Madrina
Madrina
Dotman
Dotman
Koker
Koker
T Classic
T Classic
Sean Tizzle
Sean Tizzle
Dapo Tuburna
Dapo Tuburna
Danny S
Danny S
Dice Ailes
Dice Ailes
Dablixx
Dablixx
NAIJAKIT.COM