President Muhammadu Buhari might seek amendments to the 2020 budget by sending proposals to the National Assembly.
Why it matters? The President, who signed the N10.59trillion budget on Tuesday, found that the budget had increased by N263.9billion from the N10.33trillion he proposed to lawmakers.
After studying the additions, he might consider sending virement and amendments requests to the National Assembly soon for the ease of implementing the adjustments.
He said, “The 2020 budget passed by the National Assembly provides for aggregate expenditure of N10.59tn, an increase of N263.95bn over the executive’s proposal that was submitted in October 2019.
“We have examined the adjustments and may revert to the National Assembly with a request for a virement or other relevant amendments.”
He added that, “With today’s global oil market outlook and our strategic approach to revenue growth, we are optimistic that we will be able to finance the 2020 budget.
“However, being a deficit budget, an appropriate 2020 – 2022 Borrowing Plan will be forwarded to the National Assembly in due course.”
President Buhari also requested for the quick passage of the Finance Bill. “We look forward to receiving this bill, shortly, for presidential assent. Once passed into law, the finance bill will support the funding and implementation of the 2020 budget.
“We shall sustain this tradition by ensuring that subsequent budgets are also accompanied by a finance bill.
“For these achievements, I must therefore congratulate and thank the distinguished Senate President, the Speaker and indeed, all members of the federal legislature for their commitment and support.”
Meanwhile, Nairametrics had reported that President Buhari would take his time to vet the 2020 Appropriation Bill before signing it into law. The Senior Special Assistant to the President on National Assembly Matters, Umar el-Yakub, said, “I am sure you know that the President will take his time to look at it all through before assent.”