Buhari signs N10.8trn revised 2020 budget, directs release of 50% of capital expenditure

Buhari signs N10.8trn revised 2020 budget, directs release of 50% of capital expenditure

President Muhammadu Buhari has signed into law the revised N10.8 trillion 2020 budget.

1st News reports that the signing ceremony took place today at the Council Chamber of the State House, Presidential Villa, Abuja.

Further, the President has directed the release of at least 50 per cent of the approved 2020 revised capital expenditure to Ministries, Departments and Agencies (MDAs).

The Federal Executive Council (FEC) had on May 13, approved a revised budget of N10.523 trillion. However, the two chambers of the National Assembly – the Senate and House of Representatives; had increased the budget from the initial N10.5 trillion submitted by the President to N10.8 trillion.

The figure shows that the sum of N2,488,789,433,344 is for capital expenditure. On the other hand, the sum of N4,942,269,241,984 is for recurrent non-debt expenditure.

Others are N2.6 trillion for debt service and N2.9 trillion for sinking funds.

ALSO READ: Buhari to sign revised 2020 budget today

Buhari

After signing the budget, Buhari said that the budget had to be revised. He attributed this to the effect of the rampaging coronavirus on the nation’s economy.

Also, he revealed that MDAs will be given 50% of their capital allocation by the end of the month.

The event which was monitored by 1st News, was witnessed by Vice President, Yemi Osinbajo. Also in attendance was Senate President, Ahmad Lawan; Speaker of the House of Representatives, Femi Gbajabiamila; Secretary to the Government of the Federation, Boss Mustapha and Chief of Staff to the President, Prof. Ibrahim Gambari.

Also present were the Minister of Finance, Budget and National Planning, Zainab Ahmed; Minister of State (Finance), Clement Agba; Governor of Central Bank of Nigeria, Godwin Emiefile and Director General, Budget, Ben Akabueze.

Meanwhile, 1st News had reported that the budget signing would hold today, as held at the Villa.

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Gideon Ayogu

Epicurean. Wordsmith... Gideon.Ayogu@1stnews.com

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