President Muhammadu Buhari Tuesday signed into law the N10.6 trillion 2020 budget passed by members of the National Assembly.
The signing of the budget coincided with the president’s 77th birthday which he celebrated at the Presidential Villa in Abuja.
Speaking at signing ceremony held in his office, the president the 2020 budget provided for aggregate expenditures of N10.594 trillion, an increase of N263.95 billion over the proposal by the executive which was submitted to the lawmakers in October 2019.
“We have examined the adjustments and may revert to the National Assembly with a request for a Virement or other relevant amendments,” he said.
The president said the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, would make a public presentation of the details of the approved budget, adding that the federal government was optimistic of its implementation.
“With today’s global oil market outlook and our strategic approach to revenue growth, we are optimistic that we will be able to finance the 2020 Budget.
“However, being a deficit budget, an appropriate 2020 – 2022 Borrowing Plan will be forwarded to the National Assembly, in due course.
“Mr Senate President, Right Honourable Speaker, for this submission, I will once again count on your usual cooperation and support by ensuring quick consideration and approval of the Plan.
“To optimize the desired impact, I have directed the Ministry of Finance, Budget and National Planning and all Federal MDAs to ensure effective implementation of the 2020 Budget,’’ he said.
The president commended the National Assembly for ensuring detailed legislative review and passage of the 2020 budget within two months.
He also lauded the patriotic zeal adopted by the members of the 9th National Assembly, saying this has restored the nation’s budget cycle to a predictable January to December fiscal year.
“I am very pleased that the National Assembly worked uncommonly long hours in the interest of our people and the national economy to ensure detailed legislative review and passage of the Budget within two months.
“This patriotic zeal adopted by the Ninth National Assembly has restored our budget cycle to a predictable January to December fiscal year.
“Furthermore, in the twenty years since the return to civilian democracy, this will be just the fourth time that the Federal Budget was passed before the end of the previous year, and this is the earliest,” he said.
The president also called on the lawmakers to give speedy consideration to the Finance Bill 2019, stressing that the bill would support the funding and implementation of the 2020 budget.
“The passage of the Finance Bill, which I am told will be done in the coming days, will also be a landmark achievement worthy of recognition, being the first time, this has been done in the last twenty years.
“We look forward to receiving this Bill, shortly, for Presidential Assent. Once passed into law, the Finance Bill will support the funding and implementation of the 2020 Budget.
“We shall sustain this tradition by ensuring that subsequent budgets are also accompanied by a Finance Bill.
“For these achievements, I must therefore congratulate and thank the Distinguished Senate President, the Right Honourable Speaker and indeed, all members of the Federal Legislature for their commitment and support,’’ he said.
The president also thanked the members of the National Assembly for supporting important legislations such as the Deep Offshore and Inland Basin Production Sharing Contract Amendment Act.
He said the legislations were vital to the successful implementation of the 2020 budget, adding that the mutual understanding and collaboration between the executive and legislative arms of government was essential.
“Now, we are well positioned to effectively implement the budget and deliver our promises to Nigerians. Businesses will also benefit as they are now in a position to plan more effectively. We have to sustain this harmonious working relationship. I expect that, going forward, this will be the norm,’’ he said
The president also directed that efforts should be made to ensure that the 2021 Appropriation Bill should is presented to the National Assembly in September 2020.
He expressed optimism that Ministries, Departments and Agencies (MDAs) of government would meet the September deadline.
“I am confident that all Federal Ministries, Departments and Agencies will cooperate with the Ministry of Finance, Budget and National Planning to keep to this timeline,’’ he said.
The president said the executive would continue to work with the legislature to give effect to the constitutional, legislative and other actions that may be necessary to address the various challenges currently associated with the budgeting process, including the enactment of an Organic Budget Bill.
