Early budget passage saved Nigeria from worse recession – Senate president

Senate President Ahmed Lawan says Nigeria’s second recession in five years would have been worse if not for the early passage of the 2020 budget.

He said the timely appropriation of the budget by the National Assembly gave room for the executive to begin the implementation from January, unlike in the past that budget passage was delayed deep into the year.

Lawan stated this while responding to the late submission of reports of budget defence by some Senate Committees on Ministries, Departments and Agencies (MDAs) under their supervision.

“You can imagine if the budget passage was delayed. It contracted by 6.10 in Q2 2020. Now it is -3.6 percent which means there was an improvement in the third quarter,” Lawan said.

“We have fallen into a second recession; we all admit the GDP is -3.6 percent. This is with the implementation of well over 50 percent or let me say 70 percent of our current budget,” he said.

The Senate president emphasised the need for committees to finish work on the budgets on time in order for the country

“So there is every reason for us to pass the 2021 budget in order to have the implementation beginning in January.

“That is the only way to beat the recession we are in, so there is no way we can retract what we have started so well. I believe our committees will go and defend their budgets before the appropriation committee between now and Friday,” he said.