Buhari to Sign Revised 2020 Budget

 Buhari to Sign Revised 2020 Budget

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, Bashir Ahmad, confirmed this on his tweeter handle in Abuja on Thursday. 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. 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.

Ayomide Oyewole

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.