Buhari To Sign Revised 2020 Budget Friday

Barring a change in plans, President Muhammadu Buhari may sign the revised 2020 budget in the next 24 hours (Friday), THE WHISTLER learnt on Thursday.

The revised Appropriation Act now carries a figure of N10.8trillion, up from the initial N10.5tn Buhari forwarded to the National Assembly in May.

THE WHISTLER recalls that the original budget for 2020 was N10.59tn, which was passed by the National Assembly in December 2019.

However, amid the crash in crude oil prices under the impact of the COVID -19 pandemic, the Federal Government quickly responded by altering the budget to align provisions with the changing realities.

For instance, from the initial $57 per barrel of crude that was passed in December, the benchmark was first slashed to $30 before Buhari eventually sent $25 in the revised budget to the legislature.

Findings by THE WHISTLER showed that the government took the decision when it realised that $57 was not practicable, with crude prices dipping to under $30 in March.

However, THE WHISTLER gathered that, while passing the budget in June, lawmakers, taking advantage of the marginal rise in the price of crude, increased the benchmark to $28.

They also raised the aggregate size to N10.8tn, indicating an addition of N300bn to accommodate new challenges and demands of COVID -19.

The revised figure also captured N4bn for the payment of outstanding hazard allowances to resident doctors.

Other highlights of the budget are a recurrent expenditure of N4.942tn; debt servicing provision of N2.488tn; statutory transfer provision of N422bn; and capital expenditure provision of N2.4tn.

Concerns have been raised lately on why the President seem to have delayed the signing of the budget, considering the emergency situation the country has undergone in the wake of the ravaging virus.

There were claims last week that Buhari received the budget on June 11 and ought to have signed it long time ago.

Under the 1999 Constitution, the President has 30 days within which to append his signature to bill passed by National Assembly or communicate his reason for withholding assent.

Investigations by THE WHISTLER indicated that as of Thursday afternoon, there had yet to be any communication indicating that the President had declined to sign.

Rather, information at the disposal of the newspaper revealed that all was set for him to sign the budget on Friday, “except there is a new development.”

National Assembly Presidential Liaison Officer, Senator Babajide Omoworare, confirmed to THE WHISTLER that Buhari would sign the money bill on Friday.

When contacted, he said, “The budget will be signed tomorrow (Friday) by the grace of God.

“Don’t forget that we are talking about figures. People may be saying that he is delaying, but he still working within time.

“Under Section 59, he has 30 days. So, it’s being done well within 30 days.

“If you will recall that the budget was transmitted to him about 25th or so of June, then he is still within 30 days.”

He dismissed the claim that the budget was transmitted to Buhari on June 11.

“That is not correct. It is not true.”