{"id":37084,"date":"2019-12-17T21:07:33","date_gmt":"2019-12-17T20:07:33","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=37084"},"modified":"2019-12-17T21:07:33","modified_gmt":"2019-12-17T20:07:33","slug":"buhari-signs-2020-budget","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/buhari-signs-2020-budget\/","title":{"rendered":"Buhari Signs 2020 Budget"},"content":{"rendered":"

President Muhammadu Buhari has signed the N10.59 trillion 2020 appropriation bill into law.<\/p>\n

The president signed the budget document into law on Tuesday in the presence of Vice President Yemi Osinbajo, Ahmad Lawan, the senate president, Femi Gbajabiamila, speaker of the house of representatives, amongst other principal officers.<\/p>\n

The budget was increased by N260 billion from\u00a0N10.33 trillion as contained in the proposal submitted by Buhari on October 8.<\/p>\n

This is the fastest time since Nigeria returned to democracy in 1999 that the budget would submitted, passed and\u00a0signed before the budget year commences.<\/p>\n

Recurrent expenditure took the lion\u2019s share of\u00a0N4.84 trillion while capital expenditure and statutory transfers got N2.46 trillion and N560.47 billion respectively.<\/p>\n

Nigeria\u2019s debt \u2014 which currently stands at N25.7 trillion \u2014 will be serviced by N2.72 trillion during the year.<\/p>

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The sum of N1.5 billion was allocated for \u201cfederal government intervention in Zamfara, Katsina and Borno\u201d while N20 billion was earmarked for \u201cspecial intervention fund\u201d and another N25 billion for the Nigerian navy\u2019s \u201cFalcon Eye\u201d project aimed at tackling\u00a0piracy and other criminal activities in waterways.<\/p>\n

Some of the key highlights of the budget are N46 billion for presidency; N110 billion for National Judicial Council; N111.7 billion for Universal Basic Education; N128 billion for national assembly; N40 billion for the Independent National Electoral Commission (INEC); N38 billion for North East Development Commission; and N80 billion for Niger Delta Development Commission.<\/p>\n

Also, N75 billion was allocated for the fight against Boko Haram and other operations of the armed forces; N65 billion for amnesty programme; N350 billion (recurrent) earmarked for special intervention programme; N20 billion for contributions to international organisations; and N22.7 billion for immunisation.<\/p>\n

With the budget signing, Nigeria is now on the January-December budget cycle.<\/p>\n","protected":false},"excerpt":{"rendered":"

President Muhammadu Buhari has signed the N10.59 trillion 2020 appropriation bill into law.<\/p>\n","protected":false},"author":6,"featured_media":29783,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23],"tags":[6563],"coauthors":[2391],"class_list":["post-37084","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","tag-budget-2020"],"yoast_head":"\nBuhari Signs 2020 Budget - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/buhari-signs-2020-budget\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Buhari Signs 2020 Budget - 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