Buhari Assents to 2020 Budget Tuesday

President Muhammadu Buhari will on Tuesday at 3:30 PM, sign the 2020 Appropriation Bill of N10. 59 trillion into law.

The budget was transmitted to the President for his assent last week Thursday by the National Assembly.
Buhari had presented the budget on 8th October 2019 which the 9th Senate promised to pass the budget before the end of the year in order to revert the nation’s fiscal year to January to December.

Recall that President Buhari had proposed N10.33Trillion while the National Assembly increased it to N10.59Trillion.

The breakdown of the budget revealed that out of the N263 billion increment, the National Assembly increased its budget from N125 billion to N128billion.

Both chambers of the legislature harmonized the budget to ensure it runs from 1st of January to December 31st 2020.

The new budget appropriated N110billion for the Judiciary, Niger-Delta Development Commission got N808 billion.
The National Assembly also increased Oil Benchmark Price to $57 per barrel as against the proposed $55 but maintained the daily Crude Oil Production rate at 2.18 million per barrel, GDP Growth Rate 2.93 per cent, Inflation Rate 10.81 per cent and Exchange Rate 305/US$1 as proposed by the Executive.

According to the senate, the increase of N90bn in the budget is to cater to security challenges in the country, packages for lawmakers and support for Zamfara State.