President Muhammadu Buhari, on Tuesday, in Abuja, signed the 2020 appropriation bill of N10,594,362,364,830 into law.

News Agency of Nigeria (NAN) reports that the budget was increased from N10.33 trillion to N10.594 billion by the National Assembly.

NAN 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 budget as passed by the National Assembly also maintained Nigeria’s daily oil production rate at 2.18 million per barrel, but increased the Oil Benchmark Price to 57 dollars per barrel against the 55 dollars proposed by the Executive.

The signed 2020 budget also retained inflation rate at 10.81 per cent and the exchange rate at N305 to a dollars as proposed by the executive.

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 witnessed the signing of the budget at President’s mini-conference hall.