By Dipo Olowookere
The revised 2020 budget worth N10.8 trillion will be signed into law on Friday, July 10, 2020 (today) by President Muhammadu Buhari.
Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, made this disclosure on Thursday when she held a meeting with principal officers of the parliament in Abuja.
The signing of the appropriation bill is expected to take place at the Presidential Villa in Abuja.
Last month, the legislative arm of government passed the new budget, which had the crude oil benchmark set at $25 per barrel to reflect the current global reality, which has pressured the price of the commodity.
The coronavirus disease has put many economies in crisis, including Nigeria and its main source of earnings, crude oil, has not performed well at the international market, with the price falling from $65 per barrel last year to $40 per barrel at the moment.
Speaking during her meeting with the lawmakers yesterday, the Finance Minister said based on the agreement signed by Nigeria with other oil producers, the country’s oil production for this year may not exceed 1.4 million barrels per day.
However, she expressed optimism that the executive will work towards keeping the economy viable despite the obvious challenges at the moment.
The Minister also informed the key officials of the parliament that efforts are being taken to come up with the spending plan of the federal government for 2021-2023, noting that the framework should be submitted to them later this month, while the budget should be presented in two months’ time for the normal scrutiny.
“This for us is a journey towards ensuring that the progress that we have made as a collective to return the fiscal year to January–December is maintained for the 2021 budget as well.
“The President has directed that we must deliver the budget to the National Assembly by the end of September,” she told the congressmen at the meeting.
more recommended stories
Fan Milk Proposes Zero Dividend, Fixes AGM for August 27
By Adedapo Adesanya Top FMCG company,.
OPEC Basket Hits 4-Month High of $45.21
By Adedapo Adesanya The average price.
Reps Wade Into FIRS, NIPOST Stamp Duty Collection Spat
By Adedapo Adesanya The House of.
Nigerian Capital Market Needs Access to Trading Liquidity—Stockbrokers
By Adedapo Adesanya One of the.
Nigeria Working Towards 24-Hour Port Operations – NIMASA
By Adedapo Adesanya The Nigerian Maritime.
Local Currency Weakens to N605 Per Pound at Black Market
By Adedapo Adesanya The Naira continued.
NASD Index Jumps to 711.00 Points After 0.70% Boost
By Adedapo Adesanya Unlisted securities admitted.
Oil Prices Bearish as US Stimulus Agreement Slows
By Adedapo Adesanya It was bearish.