President Muhammadu Buhari will Tuesday sign the 2020 Appropriation Bill of N10. 59 trillion into law.
The Appropriation Bill was transmitted to the President for his assent last week.
Recall that President Buhari presented the budget estimate to the joint session of the National Assembly on October 8, 2019.
The 9th Senate under the leadership of the Senate President, Ahmad Lawan, promised to pass the budget before the end of the year in order to revert the nation’s financial year to run from January to December.
While the President had proposed N10.33 trillion, the Appropriations Committees of both chambers increased the budget size to N10.59 trillion.
The breakdown of the budget revealed that out of the N263 billion increment, the National Assembly increased its budget from N125 billion to N128 billion.
The House of Representatives had passed harmonized version, which Senate had earlier passed to ensure that the budget runs from 1st of January to December 31, 2020.
The new budget appropriated N110 billion for the Judiciary, Niger-Delta Development Commission got N808 billion.
The National Assembly also increased Oil Benchmark Price to $57 per barrel as against the proposed $55 but maintained the daily Crude Oil Production rate at 2.18 million per barrel, GDP Growth Rate 2.93 per cent, Inflation Rate 10.81 per cent and Exchange Rate 305/US$1 as proposed by the Executive.
According to the senate, N90 billion was added in the budget to cater to security challenges in the country, packages for lawmakers and support for Zamfara State.
