President Muhammadu Buhari on Friday signed the revised 2020 Budget of N10.8trn passed by the National Assembly in June into law.
While signing the bill into law, the President explained that the revision became necessary because of the weakening effect of the COVID-19 pandemic on the nation’s economy.
Bashir Ahmad, Personal Assistant on New Media to the President, said Buhari signed the revised budget into law around 11:04am on Friday, July 10.
“President Buhari today at exactly 11:04am signed into law the revised N10.8 trillion budget for the year 2020, the revised budget was passed by the National Assembly, last month,” he wrote
Nigeria had to revise its budget estimates and assumptions following a drop in crude oil prices and the effects of COVID-19 pandemic on global supply chains.
On June 11, the Senate increased the total size of the revised budget by N5bn from N10.805trn to N10.810trn.