President Muhmmadu Buhari, on Friday, signed the revised 2020 Budget of N10.8 trillion, passed by the National Assembly in June, into law and approved the release of 50 per cent of ministries, department and agencies capital allocation..
While signing the bill into law, the President explained the revision became necessary because of the weakening effect of the COVID-19 pandemic on the nation’s economy.
He also said ministries, department and agencies will be given 50 per cent of their capital allocation by the end of the month.
The signing ceremony, which took place inside the State House, was witnessed by the Vice-President Yemi Osinbajo (SAN), Secretary to the Government of the Federation (SGF), Mr Boss Mustapha, and the Chief of Staff to the President, Professor Ibrahim Gambari.
Senate President, Ahmed Lawan, Speaker Femi Gbajabiamila and other principal officers also witnessed the signing.
The Ministers Finance, Budget and National Planning, Zainab Ahmed; Minister of State Finance, Clement Agba, Governor of Central Bank of Nigeria, Godwin Emiefile and Director General Budget, Ben Akabueze.
At 11:03am, Senator Babajide Omoworare, Senior Special Assistant (SSA) to President on National Assembly Matters (Senate) and Hon. Umar El-Yakub, on National Assembly Matters (House of Representatives) presented the budget to the President, while the Osinbajo, Lawan, and Gbajamilia joined him to witness the signing the budget at exactly 11:06
