Buhari Sets To Sign 2020 Budget On Tuesday
President Muhammadu Buhari will on Tuesday, 17th December assent to the 2020 Appropriation Bill.
According to PUNCH, it was learnt from National Assembly sources on Sunday that the Presidency had invited the leadership of the federal parliament to the budget – signing ceremony at the Presidential Villa.
An official , who is close to one of the presiding officers , told our correspondent on condition of anonymity that President of the Senate, Ahmad Lawan; and Speaker of the House of Representatives , Femi Gbajabiamila , among others, had been invited to witness the signing of the budget .
The source said , “ We have a notice from the Presidency to be at the Presidential Villa on Tuesday to witness the signing of the budget . The date and time may change but I have it on good authority that the ceremony is billed for Tuesday . ”
The Senate and the House of Representatives had on December 5 , 2019 , concurrently passed the 2020 Appropriation Bill, raising the total estimates from the proposed N10 . 33 tn to about N 10 . 6 tn .
The National Assembly had put a clause in the bill that the budget should run from January 1 , 2020 , bringing Nigeria back to a January -December budget cycle.
Of the new total sum of N10 , 594 , 362 , 364 , 830 , the parliament raised statutory transfers from the proposed N556 . 7 bn to N560 , 470 , 827 , 235; raised debt service from N2 . 45 tn to N2 , 725 , 498 , 930, 000 ; reduced recurrent (non – debt ) expenditure from N4 . 88 tn to N4 , 842 , 974 , 600 , 640 ; and increased development fund for capital expenditure from N2 . 14 tn to N2 , 465 , 418 , 006 , 955.
As part of the N 264bn increment , the National Assembly raised its own budget from N125 bn to N 128 bn.
The National Assembly had on Friday transmitted the national budget to the Presidency .