The President of Nigeria, Muhammadu Buhari on Friday, 10th July signed the 2020 revised national budget into law.
The event which took place at the Aso Rock Villa was witnessed by Vice-President Yemi Osinbajo (SAN), Secretary to the Government of the Federation (SGF), Mr Boss Mustapha, and the Chief of Staff to the President, Professor Ibrahim Gambari.
Senate President, Ahmed Lawan, Speaker Femi Gbajabiamila, and other top government functionaries including the Minister of Finance, Zainab Ahmed, and many others were also present at the ceremony.
Speaking during the event, President Buhari explained that the revision became necessary because of the weakening effect of the COVID-19 pandemic on the nation’s economy.
He appreciated the National Assembly and all others that worked on the revised budget.
Naija News has identified some of the major things said by the President during the budget signing ceremony. Below are the important highlights:
1. It became necessary to revise the Appropriation Act 2020 in response to recent developments, in particular, the COVID-19 Pandemic. Crude oil prices in the world market declined sharply from a high of $72.20 per barrel in January 2020 to below $20 per barrel in April 2020, and have since remained around $40 per barrel.
2. Nigeria’s crude oil production quota has been reduced as part of the efforts of the Organization of Petroleum Exporting Countries (OPEC) to strengthen the oil market.
3. Nigeria has not escaped the impact of the worldwide economic disruptions due to COVID-19 and adjustments need to be made in the light of the new reality.
4. The 2020 Amended Budget, which I have just signed into law today, underscores our Administration’s firm commitment to effectively contain the spread of COVID-19 and protect the lives and livelihood of our people. With these budget amendments, as well as our recently launched N2.3 trillion Stimulus Programme, we are well-positioned to safeguard the economy.
5. The Federal Ministry of Finance, Budget, and National Planning is in the process of effecting budgetary releases that will ensure that all Ministries, Departments, and Agencies receive at least 50 percent of their amended capital budgets by the end of this month.
6. The Appropriation (Repeal and Amendment) Act, 2020, that I have just signed into law, provides 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. The Honourable Minister of Finance, Budget and National Planning will provide further details of the 2020 Amended Budget.
7. I thank all Nigerians for their understanding and unflinching support, especially during these difficult times.
Thank you and may God bless the Federal Republic of Nigeria.