President Muhammadu Buhari has expressed optimism that his government will be able to finance the 2020 budget in spite of foreseen challenges.
“With today’s global oil market outlook and our strategic approach to revenue growth, we are optimistic that we will be able to finance the 2020 Budget.
“However, being a deficit budget, an appropriate 2020 – 2022 Borrowing Plan will be forwarded to the National Assembly, in due course.”
The President spoke today, December 17, while assenting to the budget at the Presidential Villa, Abuja.
He said that he would assent to Financial Bill which the National Assembly is currently working on, adding that the Bill will support the funding and implementation of the 2020 Budget.
“We shall sustain this tradition by ensuring that subsequent budgets are also accompanied by a Finance Bill.”
Buhari said that the federal government is now well positioned to effectively implement the budget and deliver his campaign promises to Nigerians.
“Businesses will also benefit as they are now in a position to plan more effectively.”
The President noted that the 2020 Budget passed by the National Assembly provided for aggregate expenditures of N10.594 trillion, which he said was an increase of N263.95 billion over the Executive’s Proposal that was submitted in October 2019.
“We have examined the adjustments and may revert to the National Assembly with a request for a Virement or other relevant amendments.
“The Honourable Minister of Finance, Budget and National Planning will make a public presentation of the details of the approved budget.
Buhari reiterated that to optimize the desired impact, he had directed the Ministry of Finance, Budget and National Planning and all Federal MDAs to ensure effective implementation of the 2020 Budget
