President Muhammadu Buhari has signed the revised #10.8 trillion 2020 budget into law.
The President’s special assistant on digital/new media, Tolu Ogunlesi, disclosed that the president signed the revised budget into law around 11:04 am on Friday.
Due to the drop in crude oil prices, Nigeria had to revise its budget estimates and assumptions amid the coronavirus pandemic.
President Buhari said, “Assumptions underlying the 2020 appropriation act are no longer sustainable.” The president also guaranteed that ministries, departments, and agencies will be given 15 percent of their capital allocation by the end of July.
President Buhari submitted the initial 2020 budget to the national assembly in October 2019 and signed it into law in December 2019. However, after the pandemic hit, the president submitted a revised version of the budget to the national assembly in May.
The original budget size when it was signed into law in December 2019 was N10.594 trillion.
After several adjustments from the federal executive council and the national assembly, the budget was signed at #10.810 trillion.
According to the finance minister, the changes made to the budget include a revision of the daily crude oil production benchmark to 1.94 million from 2.18 million barrels per day. They also adjusted the exchange rate from the initial N305/$.