President Muhammadu Buhari on Tuesday in Abuja signed the 2020 appropriation bill of ₦10,594,362,364,830 into law.
News Agency of Nigeria reports that the budget was increased from ₦10.33 trillion to ₦10.594billion by the National Assembly.
NAN observed that ₦560.47 billion of the total budget is for statutory transfers while ₦2.7 trillion is for debt service.
Other breakdown of the budget include ₦4,842,974,600,640 for Recurrent Expenditure; Capital expenditure ₦2,465,418,006,955; Fiscal Deficit ₦2.28 trillion and Deficit/GDP ₦1.52 per cent.
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 ₦305 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.
