President Muhammadu Buhari has today Tuesday has signed the year 2020 Appropriation Bill of N10,594,362,830 into law. Vigil360 reported yesterday that the Senate had increased the budget from earlier N10.33 trillion as proposed by Buhari to N10.59.
Accordingly, it was observed that about N560.47 billion out of the total budget was earmarked for statutory transfers while N2.7 trillion was pencilled for dept services.
Further breaking it down, the budget had N4,842,974,600,640 as recurrent expenditure and capital expenditure gulped N2,465,418,006,955; Fiscal Deficit was allotted N2.28 trillion and Deficit/GDP took N1.52 per cent.
The parameter on what the budget was hinged on was that the lawmakers pegged the daily crude production rate at 2.18 million barrel per day, however, increased the oil benchmark from $55 dollars per barrel as proposed by the executive to $57 per barrel.
Meanwhile, inflation was maintained at the rate of 10.81 per cent while the exchange rate remains N305/US$1 as proposed by president Buhari.
Those who witnessed the signing of the budget include; Vice President, Yemi Osinbajo, Senate President Ahmed Lawan, secretary to the Government of the Federation, Boss Mustapha and the Speaker House of Reps, Femi Gbajabiamila.
