President Muhammadu Buhari has signed the N10.59 trillion 2020 Appropriation Bill into law.
The President signed the budget document into law on Tuesday.
Buhari in a tweet said: “It is my pleasant duty, today, on my 77th birthday, to sign the 2020 Appropriation Bill into law. I’m pleased that the National Assembly has expeditiously passed this Bill. Our Federal Budget is now restored to a January-December implementation cycle.”
The budget was increased by N260 billion from N10.33 trillion as contained in the proposal submitted by Buhari on October 8.
This is the first time a budget would be passed and signed before the budget year.
The budget as passed by the National Assembly also maintained Nigeria’s daily oil production rate at 2.18 million per barrel, but increased the Oil Benchmark Price to 57 dollars per barrel against the 55 dollars proposed by the Executive.
The signed 2020 budget also retained inflation rate at 10.81 per cent and the exchange rate at N305 to a dollars as proposed by the executive.
Vice-President Yemi Osinbajo; Senate President Ahmad Lawan; the Speaker, House of Representatives, Femi Gbajabiamila; Secretary to the Government of the Federation, Mr Boss Mustapha as well as presidential aides witnessed the signing of the budget at President’s mini-conference hall.
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