The revised 2020 national budget, which was passed by the National Assembly in June, was signed by President Muhammadu Buhari 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.
— Bashir Ahmad (@BashirAhmaad) July 10, 2020
Recall that the National Assembly passed a revised budget of N10,805,544,664,642 on the 11th of June after the Federal Executive Council (FEC) approved a revised budget of N10.523trillion in May.
President Buhari announced that the budget was revised due to the effect of the COVID–19 pandemic on the economy, and disclosed all MDAs will be allocated 50% of their capital allocation by months end.
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.
“This is because, as we cut down the size of the budget, we also have to bring in new expenditure previously not budgeted, to enable us adequately respond to the COVID-19 pandemic,” she said.