x

Buhari signs revised 2020 budget Friday – Presidential aide

President Muhammadu Buhari will on Friday sign into law the revised 2020 budget passed by the National Assembly in June.

The Personal Assistant on New Media to the President, Bashr Ahmad, confirmed this on his tweeter handle in Abuja on Thursday.

The News Agency of Nigeria (NAN) reports that the two chambers of the National Assembly, Senate and House of Representatives, had on June 10 and June 11 respectively passed the revised 2020 budget of N10,805,544,664,642.

NAN recalled that the Federal Executive Council (FEC) had on May 13 approved a revised budget of 10.523trillion.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, who disclosed this, said the Council approved the reduction of oil benchmark price from the initial 57 to 25 dollars per barrel, crude oil production from 2.18million to 1.94million per day.

She said: “The council has approved our recommendations and the approval has these key parameters.

“The crude oil price is approved at $25 per barrel, crude oil production is at 1.94 million barrels per day and then an exchange rate of N360 to $1.

“The revised budget is now in the total sum of N10.523 trillion, a difference of just about N71.5 billion when compared to the 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.

“The federal government in this budget will have direct revenue of funding the budget of N5.158 billion. The deficit to this budget, N5.365 trillion and this will be financed by both domestic as well as foreign borrowing.

“The foreign borrowing we are doing for 2020 are all concessionary loans from the IMF, which has already been approved and has crystallized, from the World Bank, Islamic Development Bank as well as Afro EXZIM bank.

“There will also be some drawdown of previously committed loans for major ongoing projects that we will be drawing from both existing facilities as well as some special accounts with the approval of Mr. President and the National Assembly,’’ she said.

However, the legislators increased the budget from the initial N10.5trillion submitted by President Buhari to N10.8trillion.

The figure shows that the sum of N2,488,789,433,344 is for capital expenditure and recurrent non-debt expenditure rose to N4,942,269,241,984.

Others are N2.6 trillion for debt service and N2.9 trillion for sinking funds. (NAN)

Hot this week

Nigeria @65: FCTA Distributes Baby Kits, Gas Cookers to Pregnant Women in Abuja

By Joyce Remi-BabayejuTo mark Nigeria's 65th Independence Day Anniversary,...

CSOs Hail Court Order Stopping PENGASSAN’s Strike

…say parties must respect the rule of lawA coalition...

Gov. Diri Assures NYSC Members of Safety, Urges Them to Harness Bayelsa’s Opportunities

By Amgbare Ekaunkumo, YenagoaBayelsa State Governor Douye Diri has...

Kogi Government, FG Empower 8,600 Households with Cash Transfer Programme

By Noah Ocheni, LokojaThe Kogi State Government, in partnership...

Nigeria @65: Northern CAN Urges Hope, Calls on Leaders to Strengthen Nation-Building

By Achadu Gabriel, KadunaThe Christian Association of Nigeria (CAN),...

Bayelsa Media Awards Gets Major Boost as Gov. Diri Endows Fourth Category

By Amgbare Ekaunkumo, YenagoaBayelsa State Governor, Senator Douye Diri,...

UIO Urges FG to Enforce Safety Standards in Inland Waterways Transportation

By Noah Ocheni, LokojaThe Ukomu Igala Organisation (UIO) has...

Coalition Praises Tinubu’s Reforms, Hails Tunji-Ojo’s Role in National Transformation

By Israel Adamu, JosA coalition of civil rights organizations...

Tinubu Approves 100Km Stretch of Lagos-Calabar Coastal Highway Through Edo State

Umahi praises Gov. Okpebholo, contractor CBC for infrastructure effortsBy...

North Central Development Commission Pledges Transparency in ₦140bn Budget as NASS Reviews Estimates

By Israel Adamu, JosThe North Central Development Commission (NCDC)...

Zulum Approves Hospital, Water Facilities, Security Measures for Violence-Hit Kirawa Community

By Achadu Gabriel, KadunaBorno State Governor, Prof. Babagana Umara...

Senator Lalong Chairs UNIJOS Alumni Lecture, Calls for Safeguards in Justice Delivery in Digital Age

Senator Simon Bako Lalong, representing Plateau South Senatorial District...

Amnesty International Urges FG to Cut Political Spending, Prioritize Economic Diversification

By Noah Ocheni, LokojaAmnesty International has called on the...

Related Articles

Popular Categories

spot_imgspot_img