The revised 2020 national budget, which was passed by the National Assembly in June, wassigned by President MuhammaduBuhari today.
The personal assistant to the President on New Media, Bashir Ahmad, disclosed this on Friday morning on Twitter. “At exactly 11:04am today, President @MBuhari signed into law, the revised N10.8 trillion budget for the year 2020,” Ahmad tweeted.
The Oil benchmark in the budget was reduced from $57 per barrel to $25 and crude production was reduced from 2.18 million to 1.94 million barrels per day in the new revised budget which was disclosed by Zainab Ahmed, the Minister of Finance.
She announced that N5.365 trillion of the budget will be funded by domestic and foreign borrowing while direct revenue funding will cover N5.158 trillion. Adding that the revised sum is just a difference of N71.5 billion compared to the previously approved budget.