President Muhammadu Buhari has signed into law, the revised budget of N10.8 trillion for the year 2020.
The President gave his assent to the budget at about 11:06am on Friday at the Council Chambers of the Presidential Villa in Abuja, the nation’s capital.
In his address, the President explained that the budget had to be revised because of the effect of the coronavirus pandemic on the nation’s economy.
He disclosed that Ministries, Department, and Agencies (MDAs) of the government would be given at least 50 per cent of their capital allocation by the end of July.
According to President Buhari, the timing of the signing of the budget was to keep with the January to December budget cycle.
The Senior Special Assistant (SSA) to the President on National Assembly Matters (Senate), Senator Babajide Omoworare, and the SSA to the President on National Assembly Matters (House of Representatives), Umar Yakub, both presented the budget to him at about 11:03am.
President Buhari was joined at the signing ceremony by the Vice President, Professor Yemi Osinbajo, as well as the Senate President, Ahmed Lawan, and Speaker of the House of Representatives, Femi Gbajabiamila.
Others in attendance included the Chief of Staff to the President, Professor Ibrahim Gambari, and the Secretary to the Government of the Federation (SGF), Boss Mustapha.
The Minister of Finance, Budget and National Planning, Zainab Ahmed; Minister of State (Finance), Clement Agba; Governor of the Central Bank of Nigeria (CBN), Godwin Emiefile; and Director-General of the Budget Office, Ben Akabueze, were also at the Council Chamber to witness the signing of the revised budget.