President Muhammadu Buhari in order to keep strictly with the January – December budget cycle, on Friday signed into law, the revised N10.8 trillion budget for the year 2020 passed by the National Assembly in June.
He said the budget had to be revised because of the effect of coronavirus on the nation’s economy.
He said the ministries, departments and agencies would be given 50 percent of their capital allocation by the end of the month.
The signing took place inside the Council Chambers of the State House, Abuja.The Vice-President, Yemi Osinbajo, Secretary to the Government of the Federation, Boss Mustapha and Chief of Staff to the President, Ibrahim Gambari witnessed the signing.
Senate President, Ahmed Lawan, Speaker Femi Gbajabiamila and other principal officers witnessed the signing.
Also present were the Ministers 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.
At11:03 Senator Babajide Omoworare, Senior Special Assistant (SSA) to President on National Assembly Matters (Senate) and Hon. Kawu Sumaila, on National Assembly Matters (House of Representatives) presented the budget to the President, while Osinbajo, Lawan, and Gbajabiamila joined him to witness the signing of the budget at exactly 11:06.