Barring any last-minute change of plans, President Muhammadu Buhari will sign the 2020 budget on Tuesday, PREMIUM TIMES can report.
A top source at the State House, who asked not to be named, disclosed this to PREMIUM TIMES on Monday.
The budget when signed into law is expected to run from January to December 2020.
The signing of the 2020 budget comes just over two months after Mr Buhari presented it to the National Assembly for consideration and passage and two weeks after the Senate increased and passed the budget.
The president presented the bill to a joint session of the National Assembly on October 8. He proposed N10.33 trillion for national spending for the year 2020.
The budget was, thereafter, referred to the Senate Committee on Appropriation which spread the budget across the committees who held budget defence sessions with Ministries, Departments and Agencies (MDAs) to defend their budgets.
The committees held budget defence sessions with relevant MDAs within two weeks and submitted their reports back to the appropriation committee.
In about four weeks, the Senate received the final report for the 2020 budget from the Appropriations committee.
Upon reviewing the report, senators passed the budget on December 5, the same day the House of Representatives passed a similar version.
They however, increased the budget from N10.33 trillion as proposed by the executive to N10.6 trillion (10,594,362,364,830).
Many have hailed the National Assembly not only for the speedy passage of the budget but also for returning it to January-December cycle.
Breakdown of the budget
In the report presented by the chairman of the committee, Barau Jibrin, N560.47 billion is for statutory transfers (a category into which the National Assembly budget falls).
While the Senate maintained the daily production rate at 2.18 million per barrel, it however, increased the Oil Benchmark Price to $57 per barrel against the $55 proposed by the executive.
The committee retained inflation rate at 10.81 per cent and the exchange rate at N305-$1 as proposed by the executive. It also retained GDP Growth Rate at 2.93 per cent as proposed.
The Senate passed the budget with the breakdown as follows:
Statutory transfer – N560,470,827,235
Debt service – N2,725,498,930,000
Recurrent expenditure – N4,842,974,600,640
Capital expenditure – N2,465,418,006,955
Fiscal Deficit – N2.28 trillion
Deficit/GDP – N1.52 per cent
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