President Muhammed Buhari has signed 2020 Amended Budget into law which will underscore his Administration’s firm commitment to effectively contain the spread of COVID-19 and protect the lives and livelihood of Nigerians, as well as the recently launched N2.3 trillion Stimulus Programme as government is well-positioned to safeguard the economy.
The signing took place at the Presidential Villa, Abuja on Friday which was witnessed by the Senate President Senator Ahmad Ibrahim Lawan, Speaker of House of Representatives Rep Femi Gbajabiamila, Leaders, and Members, of the National Assembly for the prompt review and passage of the amendments to the 2020 Appropriation Act.
President Buhari said It is imperative to adjust the expected revenues, considering the widespread disruptions in domestic and international economic activities due to the COVID-19 Pandemic, and the containment measures taken in response thereto.
“Understandably too, we needed to reallocate resources in the Appropriation (Repeal and Amendment) Act, 2020 to ensure effective implementation of required health and emergency measures, as well as to mitigate the negative socio-economic effects of the COVID-19 Pandemic”, he said.
Considering recent budget implementation challenges, President Buhari directed that efforts be made to ensure effective implementation of the Appropriation (Repeal and Amendment) Act, 2020 in order to realise its laudable objectives. “All Ministers are to ensure that their Ministries, Departments and Agencies intensify capital project delivery efforts and fully cooperate with the Ministry of Finance, Budget and National Planning to achieve the laudable objectives of the Budget”, he said.
He added that Federal Government made some progress in the implementation of the Appropriation Act 2020. “As at 31st May 2020, the sum of N253.33 billion have been released for the implementation of capital projects. The Federal Ministry of Finance, Budget and National Planning is in the process of effecting budgetary releases that will ensure that all Ministries, Departments and Agencies receive at least 50 per cent of their amended capital budgets by the end of this month.
“The Appropriation (Repeal and Amendment) Act, 2020, that I have just signed into law, provides 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. The Honourable Minister of Finance, Budget and National Planning will provide further details of the 2020 Amended Budget”, he said.
He acknowledged the efforts of the Ministry of Finance, Budget and National Planning, particularly the Budget Office of the Federation, and everyone who collaborated and worked conscientiously to produce the Appropriation (Repeal and Amendment) Act, 2020 signed today while thanked all Nigerians for their understanding and unflinching support, especially during these difficult times.