Buhari Signs 2020 Budget Into Law

President Muhammadu Buhari has signed the 2020 budget into law thereby restoring the January to December budget circle for the country.

The President presented a budget proposal of N10.33 trillion to a joint session of the National Assembly on October 8.

After two months of review by both the Senate and House of Representatives, the budget was passed on December 5 by both legislative chambers.

The legislators however, increased the budget from N10.33 trillion as proposed by the executive to N10.6 trillion (10,594,362,364,830).

In the report presented by the chairman of the committee, Barau Jibrin, N560.47 billion is for statutory transfers (a category into which the National Assembly budget falls).

While the Senate maintained the daily production rate at 2.18 million per barrel, it however, increased the Oil Benchmark Price to $57 per barrel against the $55 proposed by the executive.

Present at the signing were Vice President Yemi Osinbajo, President of the Senate Ahmed Lawan, Speaker of the House of Representatives Femi Gbajiabiamila, Minister of finance Zainab Ahmed and minister of state budget and national planning Clem Agba among others.