President Muhammadu Buhari has signed the 2020 Appropriation Bill into law.
President Buhari in his speech shortly after signing the 2020 Budget at the State House, Abuja, on Tuesday directed that efforts should be made to ensure the presentation of the 2021 Appropriation Bill to the National Assembly in September 2020.
President Buhari pledged to work with the National Assembly to give effect to the constitutional, legislative and other actions necessary to address the various challenges currently associated with the budgeting process, including the enactment of an Organic Budget Bill. Stressing that ‘’all Federal Ministries, Departments and Agencies will cooperate with the Ministry of Finance, Budget and National Planning to keep to this timeline,’’
He noted that the 2020 Budget passed by the National Assembly provided for aggregate expenditures of N10.594 trillion, an increase of N263.95 billion over the Executive’s Proposal that was submitted in October 2019. He said: “We have examined the adjustments and may revert to the National Assembly with a request for a Variations or other relevant amendments.’’
President Buhari revealed that the Minister of Finance, Budget and National Planning, Hajiya Zainab Ahmed, would make a public presentation of the details of the approved budget. “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. “Mr Senate President, Right Honourable Speaker, for this submission, I will once again count on your usual cooperation and support by ensuring quick consideration and approval of the Plan.
I have directed the Ministry of Finance, Budget and National Planning and all Federal MDAs to ensure effective implementation of the 2020 Budget,’’ he said. President Buhari acknowledged the efforts of the Minister of Finance, Budget and National Planning, the Budget Office and all stakeholders who collaborated and worked painstakingly to produce the 2020 Appropriation Bill
The National Assembly had passed the N10.59 trillion budget on December 5