President Muhammadu Buhari has signed the revised N10.8 trillion 2020 budget into law.
The appropriation bill was sent to the National Assembly for approval after it was revised to comply with the current economic realities caused by the Coronavirus pandemic.
The budget had to be revised due to the impact of the coronavirus on the nation’s economy and to ensure a strict compliance with the January to December budget cycle.
Speaking at the signing ceremony,President Buhari said the ministries, department and agencies would be given 50 percent of their capital allocation by the end of the month.
The signing took place inside the Council Chambers of the State House, Abuja.
The Vice-President, Yemi Osinbajo, Secretary to the Government of the Federation, Boss Mustapha Chief of Staff to the President, Ibrahim Gambari witnessed the signing.
Senate President, Ahmed Lawan, Speaker Femi Gbajabiamila and other principal officers of the National Assembly were also present at the event
MDAs are to get 50 percent of allocation by the end of the month.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, had on Thursday this while briefing the leadership of the National Assembly on plans to submit the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) later this month.
Ahmed, who briefed principal officers of the Senate and House of Representatives, led by the Senate President, Ahmad Lawan and speaker, Femi Gbajabiamila, said the President had given directives for the Ministry to expedite action on next year’s budget estimates to enable him present the 2021 budget proposal to the National Assembly by the end of September this year.