The President said the Appropriation (Repeal and Amendment) Act, 2020 provided for aggregate expenditures of N10.81 trillion, which is an increase of N216 billion over the level of expenditure initially proposed in the 2020 Appropriation Act.
Buhari added that the signing of the 2020 Amended Budget underscored his administration’s firm commitment to effectively contain the spread of COVID-19 and protect the lives and livelihood of our people.
In his words, “With these budget amendments, as well as our recently launched N2.3 trillion Stimulus Programme, we are well-positioned to safeguard the economy,” he also said.
According to him, the Federal Ministry of Finance, Budget and National Planning were in the process of effecting budgetary releases that would ensure that all Ministries, Departments and Agencies (MDAs) receive at least 50 per cent of their amended capital budgets by the end of July.
Speaking during the ceremony, the Senate President confirmed the early start of the process for the 2021 Appropriation Bill.
Lawan said, “This will set the foundation for us to avoid falling into a recession next year.”
He also noted that though growth may be slow the budget will, however, ensure that the country avoids a recession.
In his words, “Growth may be negative, but the guarantee we have is that if we are able to implement this budget, probably expenditure is sustained, the economy will be a little bit better than it ordinarily, would be. We hope we are able to achieve this by December and already, the 2021 Appropriation Bill process has started”.
News Source: Daily Trust
RECOMMENDED FOR YOU:
- President Buhari has ordered an immediate suspension of international travels for all Cabinet Members
- Muhammadu Buhari-led Federal Government will release N6.5bn emergency fund for the fight against Corona virus
- Wizkid has stated that the president of Nigeria, Muhammadu Buhari and American president Donald Trump are both clueles
- The Senate will pass the 2020 national budget before this year’s Christmas; The senate President, Ahmed Lawan
- Lai Mohammed, has denied rumours making the rounds that President Muhammadu Buhari is having serious cough
- Muhammadu Buhari has confirmed the reappointment of Mr. as the SSA to the President on Job Creation
- President Muhammadu Buhari has said that the incoming Ministers would be giving targets to work with
- President Muhammadu Buhari has sacked his media aide, Lauretta Onochie.