President Muhammadu Buhari will on Friday, sign the revised budget which was passed by the National Assembly in June. This was confirmed by the Personal Assistant to the President on New Media, Bashir Ahmad via his official twitter page.

The News Agency of Nigeria reports that on June 10th and 11th, the National Assembly and House of Representatives passed the revised budget of N10,805,544,664,642 respectively. NAN also recalled that the sum of 10.523 trillion was approved by the Federal Executive Council (FEC).

Minister of Finance, Budget and National Planning, Zainab Ahmed confimed that the council approved the reduction of the oil benchmark prove from 57 to 25 dollars per barrel and crude oil production from 2.18million to 1.94million per day.

In her words she said; 
 “The council has approved our recommendations and the approval has these key parameters. The crude oil price is approved at $25 per barrel, crude oil production is at 1.94 million barrels per day and then an exchange rate of N360 to $1.
The revised budget is now in the total sum of N10.523 trillion, a difference of just about N71.5 billion when compared to the approved budget.
This is because, as we cut down the size of the budget, we also have to bring in new expenditure previously not budgeted, to enable us adequately respond to the COVID-19 pandemic.The federal government in this budget will have direct revenue of funding the budget of N5.158 billion. The deficit to this budget, N5.365 trillion and this will be financed by both domestic as well as foreign borrowing.
The foreign borrowing we are doing for 2020 are all concessionary loans from the IMF, which has already been approved and has crystallized, from the World Bank, Islamic Development Bank as well as Afro EXIM bank."

She also went further to say; 
“There will also be some drawdown of previously committed loans for major ongoing projects that we will be drawing from both existing facilities as well as some special accounts with the approval of Mr. President and the National Assembly,’’ 

Meanwhile, the legislative council increased the budget from the earlier amount of initial N10.5 trillion submitted by President Buhari to N10.8 trillion.

The breakdown of the figure showed N2,488,789,433,344 for capital expenditures and the recurrent non-debt expenditure rose to the sum of N4,942,269,241,984. The sum of N5.5 trillion naira was allocated to debt service and sinking funds.

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