Buhari Signs 2020 Appropriation Bill

In News 2019-12-17 15:59:02
Buhari Signs 2020 Appropriation Bill
Buhari Signs 2020 Appropriation Bill

By Ufuoma Egbamuno


President Muhammadu Buhari has praised the efforts of the National Assembly in ensuring the successful transition of the Budget Cycle to January-December. President Buhari made this known in a statement shortly after sign the 2020 Appropriation Bill into law.


The 2020 Budget passed by the National Assembly provides for aggregate expenditures of Ten-point-Five-Nine-Four Trillion Naira (N10.594 trillion) - an increase of Two Hundred and Sixty-Three-point-Nine-Five Billion Naira (N263.95 billion) that was submitted in October 2019 by the President.


“This patriotic zeal adopted by the Ninth National Assembly has restored our budget cycle to a predictable January to December fiscal year,” President Buhari said in the statement.


The President added: “I thank the National Assembly, in particular, the Senate President, the Speaker of the House of Representatives, and indeed all the Distinguished and Honourable Leaders, and Members, for passing the 2020 Appropriation Bill, expeditiously.”


“I am very pleased that the National Assembly worked uncommonly long hours in the interest of our people and the national economy to ensure detailed legislative review and passage of the Budget within two months,” President Buhari noted.


The nation’s leader also stressed the need to “sustain this harmonious working relationship.”


“I expect that going forward, this will be the norm,” Buhari said.


According to the President, his government is “optimistic that we will be able to finance the 2020 Budget” using “today’s global oil market outlook and our strategic approach to revenue growth.”


President Buhari  said the Honourable Minister of Finance, Budget and National Planning, Ahmed Zainab will make a public presentation of the details of the approved budget.