Sunday, July 25, 2021
Home Business Buhari Signs N10.8trn Revised 2020 budget, Directs Release of 50% Capital Expenditure

Buhari Signs N10.8trn Revised 2020 budget, Directs Release of 50% Capital Expenditure

- Advertisement -
- Advertisement -
- Advertisement -
- Advertisement -

President Muhammadu Buhari has signed the revised N10.8 trillion 2020 budget into law. He has also directed the release of at least 50 per cent of the approved 2020 revised capital expenditure to Ministries, Departments and Agencies (MDAs).

Recall that the Federal Executive Council (FEC) had on May 13, approved a revised budget of 10.523 trillion, but the two chambers of the National Assembly – the Senate and House of Representatives increased the budget from the initial N10.5 trillion submitted by the President to N10.8 trillion.

See also  Unity Bank Sustains Growth In Profits By 43% In Q1

The figure indicated that N2, 488,789, 433,344 is for capital expenditure, while N4,942, 269,241,984 is for recurrent non-debt expenditure. Others are N2.6 trillion for debt service and N2.9 trillion for sinking funds.

After signing the budget on Friday at the Council Chamber of the State House, Buhari said that the budget had to be revised because of the effect of coronavirus on the nation’s economy. According to him, MDAs will be given 50 per cent of their capital allocation by the end of the month.

See also  CBN Introduces New Charges for USSD Transactions
See also  Air Peace Begins Regular Commercial Flights to Johannesburg Soon

The signing ceremony was witnessed by Vice-President Yemi Osinbajo, Senate President Ahmed Lawan, Speaker Femi Gbajabiamila, Secretary to the Government of the Federation Boss Mustapha; Chief of Staff to the President, Prof. Ibrahim Gambari.

Minister of Finance, Budget and National Planning, Zainab Ahmed; Minister of State Finance, Clement Agba, Governor of Central Bank of Nigeria, Godwin Emiefile and Director General, Budget, Ben Akabueze were also at the event.

See also  World Bank Spent N90bn on Community Projects in 11 Years – Official

© 2020, Scud News. All rights reserved.

- Advertisement -


Please enter your comment!
Please enter your name here

Most Popular

Sweden Phases Out Use Of AstraZeneca Vaccine

Sweden is gradually phasing out the use of the COVID-19 vaccine produced by the British-Swedish pharmaceutical company AstraZeneca.

Kano Makes NIN Compulsory For Public Secondary School students

Saidu-Kiru said the NIN would enable the ministry to have an updated data base for all students for the purpose of planning and optimum

Ex-banker, Wife, Mother–In-Law Jailed 60 Years for Stealing Depositors’ Fund

A former bank cashier, Ebenezer Adeolu Alonge, his wife, and mother-in- law, Isakunle Eunice Moradeke have been jailed by a court in Ekiti.

Public Display Of Affluence Dangerous, DSS Warns

The Department of State Services (DSS) has warned Nigerians on the dangers of public display of affluence, saying it is great security...
See also  Young Entrepreneur Empowers Youths With N.3m Start-up Capital in Ekiti

© 2020 – 2021, Scud News. All rights reserved.

%d bloggers like this: