Concerned by the impact of coronavirus on the nation’s revenue generation and economy, President, Muhammadu Buhari, has signed the N10.8 trillion revised 2020 budget into law.
He explained that the development followed the passage of the appropriation bill passed by the National Assembly last month and need to adjust to the current reality occasioned by the global pandemic.
The President added that ministries, departments, and agencies will be given 15 percent of their capital allocation by the end of July 2020.
Speaking after appending his signature during the ceremony held at the Council Chamber, Presidential Villa, Abuja, Buhari urged ministries, department, and agencies of the federal government to be prudent in their spending as the current situation demands effective management of the nation’s resources.
He noted that the outbreak of the virus had necessitated stringent measures in all sectors and affected way of lives of citizens which informed distribution of items for the poor and vulnerable as palliative to mitigate hardship occassioned by the viral infection.
Buhari, however, reiterated his administration commitment to protecting Nigerians from coronavirus induced harsh economic realities.
Government officials at signing ceremony include the Vice-President, Yemi Osinbajo, Secretary to the Government of the Federation, SGF, Boss Mustapha and the Chief of Staff to the President, Prof. Ibrahim Gambari.
Senate President, Ahmed Lawan, Speaker Femi Gbajabiamila, Senior Special Assistant to the President on National Assembly Matters, Senator Babajide Omoworare, his counterpart for House of Representatives, Hon. Kawu Sumaila and other principal officers represented the National Assembly at the event.
Also present were the Minister of Finance, Budget and National Planning, Zainab Ahmed; Minister of State, Budget and National Planning, Clement Agba, Governor of Central Bank of Nigeria, Godwin Emiefile, and Director General Budget, Ben Akabueze.