President Muhammadu Buhari today in Abuja signed the 2020 appropriation bill of N10,594,362,364,830 into law.
The signed budget which passed by the National Assembly, maintained Nigeria’s daily oil production rate at 2.18 million per barrel, while increasing the Oil Benchmark Price to 57 dollars per barrel against the 55 dollars proposed by the Executive.
The signed budget also retained the inflation rate at 10.81 per cent while the exchange rate for Naira to dollar at N305 as proposed by the executive.
It was report by the News Agency of Nigeria (NAN) that the budget was increased from N10.33 trillion to N10.594billion by the National Assembly.
NAN also observed that N560.47 billion of the total budget is for statutory transfers while N2.7 trillion is for debt service.
Other breakdown of the budget include N4,842,974,600,640 for Recurrent Expenditure; Capital expenditure N2,465,418,006,955; Fiscal Deficit N2.28 trillion and Deficit/GDP N1.52 per cent.
The signing of the 2020 budget at President’s mini-conference hall, was witnessed by Vice-President Yemi Osinbajo; Senate President Ahmad Lawan; the Speaker, House of Representatives, Femi Gbajabiamila; Secretary to the Government of the Federation, Mr Boss Mustapha as well as presidential aides.
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