Wike Signs Revised N300bn 2020 Budget

A file photo of Rivers state Governor, Nyesom Wike.
A file photo of Rivers state Governor, Nyesom Wike.

 

Rivers State Governor, Nyesom Wike has signed into law the revised 2020 budget of N300.3billion.

The budget represents a 48 per cent decrease after a downward review from N530.8billion initially proposed last year.

Governor Wike signed the budget on Wednesday in the presence of the deputy governor, the Speaker of the House, members of the State Executive Council, among other top government functionaries.

This followed the presentation of the budget by the Majority Leader of the State House of Assembly, Martin Amaewhule, to him at the Government House in Port Harcourt, the state capital.

In his remark, the governor said the unfortunate effect of the COVID-19 pandemic, particularly in the country, necessitated the review.

READ ALSO: Nigeria Records 288 More COVID-19 Cases, Total Infections Exceed 44,000

Wike said that despite the reduction in capital and expenditure estimates, his administration will still be focused on delivering developmental projects to the people of the state.

“It is most unfortunate that everybody is living a different life now because of the pandemic, which calls for us to face the economic reality

“The COVID-19 has affected economic activities and revenues of government, and so it became necessary to review our budget.

“We are the only State that has not cut down the salaries of political appointees and elected officers. Virtually all the States have cut down 20 to 30 percent of salaries of political appointees. Having cut down the recurrent expenditures, the overhead will no longer be the same,” he said.

Speaking also, the Speaker of the House, Ikuinyi-Owaji Ibani commended Governor Wike for implementing policies and programmes to the benefit of the Rivers people.

He said the revised budget and revised medium-term expenditure framework stipulate actions of government to better the fortunes of the state and establish an enduring legacy for posterity.

Enugu Governor Signs N146.3bn Revised 2020 Budget

File photo of Enugu State Governor, Ifeanyi Ugwuanyi

 

The Enugu State Governor, Ifeanyi Ugwuanyi has signed into law the revised 2020 budget of N146.3billion.

The budget represents a 13.6 per cent decrease after a downward review from N169.5 billion initially proposed in December 2019.

Out of the budget size, the capital expenditure stands at N69. 7billion while the recurrent expenditure is N76.5billion, representing 48 per cent and 52 per cent respectively.

Governor Ugwuanyi signed the budget on Wednesday in the presence of his deputy, Mrs Cecilia Ezeilo, the Speaker of the House, Edward Ubosi, members of the State Executive Council, among other top government functionaries.

While thanking the lawmakers for their diligent and expeditious passage of the budget, the governor said he is optimistic that the budget of responsive and accountable governance will enable his administration to consolidate its developmental agenda.

The budget was revised in response to the negative consequences of the outbreak of COVID-19 on the economy.

Jigawa Governor Signs Revised 2020 Budget

Jigawa State Governor, Badaru Abubakar, while signing the revised 2020 Budget into law on July 28, 2020.

 

Jigawa State Governor, Badaru Abubakar, has signed into law the revised 2020 budget of N124.357 billion which was recently passed by the State House of Assembly.

He assented to the revised budget on Tuesday at the Government House in Dutse, the state capital.

While signing the budget, the governor said the 2020 budget size was reduced by 19 percent from N153.920 to N124.357 billion.

He explained that this represented a decrease of N28.56 billion, noting that the review became necessary due to the effect of the coronavirus pandemic on the economy.

Jigawa State Governor, Badaru Abubakar, at his office in Dutse on July 28, 2020.

 

The governor added that the 2020 local government budget has also been reduced from N72.5 billion to N56.2 billion, representing a drop of N16.300 billion.

According to him, COVID-19 has come with many challenges ranging from revenue declining, additional spending on healthcare, and drop of oil prices which necessitated the review of the 2020 Appropriation Bill in the state.

Governor Abubakar thanked the speaker and members of the Jigawa State House of Assembly, as well as his technical team for their dedication and hard work which led to the passage of the revised 2020 budget into law within a short period of time.

He also commended the people of Jigawa for their prayers and support to the government of the state.

Gombe Governor Signs N107.3bn Revised 2020 Budget

Gombe State Governor, Muhammad Yahaya.

 

The Gombe State Governor, Inuwa Yahaya, has signed the revised N107.3billion 2020 budget into law.

Signing the budget on Monday, Governor Yahaya said the downward review of the budget was due to the global economic shocks occasioned by the COVID-19 pandemic which has affected national and personal incomes.

READ ALSO: Governor Sule Hands Over 160-Bed Hospital To Federal University Lafia

According to him, despite the downwards review of the budget, the state government ensured that health, education, agriculture and other critical sectors remain the top priorities of the state.

The governor explained that the health sector’s budget, in particular, has been increased as a demonstration of the administration’s resolve to combat the virus and its socio-economic impact on the lives and means of livelihood of the people.

Nasarawa Governor Presents Revised N62.9bn Budget To Assembly

(FILE PHOTO) Nasarawa State Governor, Abdullahi Sule

 

The Nasarawa State Governor, Abdullahi Sule has presented a revised 2020 budget of N62.96billion to the State House of Assembly for consideration and approval due to the effect of coronavirus on the economy.

The Speaker of the House, Balarabe Abdullahi announced this after the lawmaker representing Awe North constituency, Tanko Tunga, read the governor’s letter during the House Proceedings in Lafia.

Abdullahi said the revised budget tagged “Budget of Inclusive Development” was necessary as the pandemic has affected the socio-economic activities of the state, the country and the world at large.

He noted that in furtherance of its support to the Governor Sule administration, the House has expeditiously passed the 2020 Appropriation Amendment Bill of the sum 62.96billion naira into first and second reading respectively.

“A bill for a law to amend the Nasarawa State 2020 appropriation bill of N62,968,348,139.00  only for the services of Nasarawa State has scaled first and second reading at the House.

“The accelerated passage was due to the importance of the budget to the development of the state as a result of COVID-19 pandemic ravaging the world.

“The recurrent expenditure is N31,943,912,285.00.billion only while the Capital expenditure is N26,465,632,374.00 billion only and the consolidated revenue fund charges are N4,558,803,479.00 billion only,” the Speaker said.

Buhari Signs Revised 2020 Budget Into Law

President Muhammadu Buhari, flanked by Vice President Yemi Osinbajo, signs the revised 2020 budget into law in Abuja on July 10, 2020.

 

President Muhammadu Buhari has signed into law, the revised budget of N10.8 trillion for the year 2020.

He assented to the budget at about 11:06am on Friday at the Council Chambers of the Presidential Villa in Abuja, the nation’s capital.

In his address, the President explained that the budget had to be revised because of the effect of the coronavirus (COVID-19) pandemic on the nation’s economy.

He disclosed that Ministries, Department, and Agencies (MDAs) of the government would be given at least 50 per cent of their capital allocation by the end of July.

According to President Buhari, the timing of the signing of the budget was to keep with the January to December budget cycle.

The Senior Special Assistant (SSA) to the President on National Assembly Matters (Senate), Senator Babajide Omoworare, and the SSA to the President on National Assembly Matters (House of Representatives), Umar Yakub, presented the budget to him at about 11:03am.

President Buhari was joined at the signing ceremony by the Vice President, Professor Yemi Osinbajo, as well as the Senate President, Ahmed Lawan, and Speaker of the House of Representatives, Femi Gbajabiamila.

President Buhari during the signing of the revised 2020 budget at the Council Chamber of the Presidential Villa in Abuja on July 10, 2020.

 

Others in attendance included the Chief of Staff to the President, Professor Ibrahim Gambari, and the Secretary to the Government of the Federation (SGF), Boss Mustapha.

The Minister of Finance, Budget and National Planning, Zainab Ahmed; Minister of State (Finance), Clement Agba; Governor of the Central Bank of Nigeria (CBN), Godwin Emiefile; and Director-General of the Budget Office, Ben Akabueze, were also at the Council Chamber to witness the signing of the revised budget.

Read the tell text of President Buhari’s speech at the event below:

Speech by His Excellency, Muhammadu Buhari, President of the Federal Republic of Nigeria at the signing into law of
the Appropriation (Repeal and Amendment) Act, 2020

Presidential Villa, Abuja.
Friday, 10th July 2019

PROTOCOLS

It is my pleasure and honour to sign the Appropriation (Repeal and Amendment) Act, 2020 into law today. I thank the Distinguished Senate President, the Right Honourable Speaker of the House of Representatives, and all the Distinguished and Honourable Leaders, and Members, of the National Assembly for the prompt review and passage of the amendments to the 2020 Appropriation Act.

You will recall that I signed the 2020 Appropriation Act into law on Tuesday, 17th December 2019. However, it became necessary to revise the Appropriation Act 2020 in response to recent developments, in particular, the COVID-19 Pandemic. Crude oil prices in the world market declined sharply from a high of $72.20 per barrel in January 2020 to below $20 per barrel in April 2020, and have since remained around $40 per barrel.

Nigeria’s crude oil production quota has been reduced as part of the efforts of the Organisation of Petroleum Exporting Countries (OPEC) to strengthen the oil market. Global trade has generally been disrupted as almost all economies were locked down for protracted periods in the wake of the COVID-19 Pandemic.

All these developments are plunging the global economy into recession, and Nigeria has not escaped the impact of this. In effect, the assumptions underlying the 2020 Appropriation Act are no longer sustainable.

It is, therefore, imperative to adjust our expected revenues, considering the widespread disruptions in domestic and international economic activities due to the COVID-19 Pandemic, and the containment measures taken in response thereto.

Understandably too, we needed to reallocate resources in the Appropriation (Repeal and Amendment) Act, 2020 to ensure effective implementation of required health and emergency measures, as well as to mitigate the negative socio-economic effects of the COVID-19 Pandemic.

 

The 2020 Amended Budget, which I have just signed into law today, underscores our Administration’s firm commitment to effectively contain the spread of COVID-19 and protect the lives and livelihood of our people. With these budget amendments, as well as our recently launched N2.3 trillion Stimulus Programme, we are well-positioned to safeguard the economy.

Considering recent budget implementation challenges, I have directed that efforts be made to ensure effective implementation of the Appropriation (Repeal and Amendment) Act, 2020 in order to realise its laudable objectives.

All Ministers are to ensure that their Ministries, Departments and Agencies intensify capital project delivery efforts and fully cooperate with the Ministry of Finance, Budget and National Planning to achieve the laudable objectives of the Budget.

We have, nevertheless, made some progress in the implementation of the Appropriation Act 2020. As at 31st May 2020, the sum of N253.33 billion have been released for the implementation of capital projects.

The Federal Ministry of Finance, Budget and National Planning is in the process of effecting budgetary releases that will ensure that all Ministries, Departments and Agencies receive at least 50 per cent of their amended capital budgets by the end of this month.

The Appropriation (Repeal and Amendment) Act, 2020, that I have just signed into law, provides for aggregate expenditures of N10.81 trillion, which is an increase of N216 billion over the level of expenditure initially proposed in the 2020 Appropriation Act. The Honourable Minister of Finance, Budget and National Planning will provide further details of the 2020 Amended Budget.

I wish to acknowledge the efforts of the Ministry of Finance, Budget and National Planning, particularly the Budget Office of the Federation, and everyone who collaborated and worked conscientiously to produce the Appropriation (Repeal and Amendment) Act, 2020 that I have signed today.

I thank all Nigerians for their understanding and unflinching support, especially during these difficult times.

Thank you and may God bless the Federal Republic of Nigeria.

Buhari To Sign Revised 2020 Budget Today- Presidency

president-buhari
File: President Muhammadu Buhari working in his office. Photo: [email protected]

 

President Muhammadu Buhari will today sign the revised 2020 budget into law following its passage by the National Assembly last month.

This is according to a statement issued on Thursday evening by the Presidency in a tweet on its handle.

“President Buhari will tomorrow, Friday July 10, 2020, sign into law the revised 2020 budget passed by the National Assembly last month,” the presidency tweeted.

READ ALSO: Osinbajo Writes IGP Wants Blogger Investigated Over N4bn Allegation

 

 

The Senate had on June 11th, passed the revised 2020 budget of N10,805,544,664,642, a day after the House of Representatives did the same.

A breakdown of the figure shows that the sum of N2,488,789,433,344 is for capital expenditure and recurrent non-debt expenditure has N4,942,269,241,984.

The executive also allocated N422,775,979,362 for statutory transfer, while N2,951,710,000,000 was budgeted for debt service.

The passage of the revised figure, which is to be issued from the Consolidated Revenue Fund, followed the consideration of the report of the Senate Committee on Appropriations on the Appropriation Act (Amendment) Bill, 2020.

The Federal Government had in April, cut down the 2020 budget by over N320 billion and proposed a new budget of N10.27 trillion against the N10.59 trillion passed by the National Assembly.

Global Realities

According to the government, this cut is based on the global economic realities as a result of the COVID-19 pandemic as well as recent crisis in the oil market.

The Minister of Finance, Budget and National Planning Minister, Zainab Ahmed had in May said a further downward revision will mean that the Federal Government has now dropped the benchmark from an initial $57 per barrel to $30.

Mrs Ahmed also said the FG plans to cut oil production to 1.7 million barrels per day (mbpd), from the 2.1 mbpd previously proposed in the budget.

“We are in the process of an amendment that is bringing down the revenue indicator to $20 per barrel,” she said.

 

Senate Passes N10.805trn Revised 2020 Budget

A file photo of lawmakers during plenary in the Senate Chamber of the National Assembly in Abuja.

 

 

Members of the Senate Chamber of the National Assembly have passed the revised 2020 budget of N10,805,544,664,642.

The lawmakers passed the budget during plenary on Thursday, a day after members of the House of Representatives approved the same figure.

A breakdown of the figure shows that the sum of N2,488,789,433,344 is for capital expenditure and recurrent non-debt expenditure has N4,942,269,241,984.

The executive also allocated N422,775,979,362 for statutory transfer, while N2,951,710,000,000 was budgeted for debt service.

The passage of the revised figure, which is to be issued from the Consolidated Revenue Fund, followed the consideration of the report of the Senate Committee on Appropriations on the Appropriation Act (Amendment) Bill, 2020.

In his remarks after the budget was passed, Senate President Ahmad Lawan asked the Senate Committees to ensure strict oversight of projects contained in the 2020 budget.

He believes getting value for money is one way of ensuring that Nigerians are impacted positively through government interventions and programmes.

Lawan said, “For us, this is one way of ensuring that Nigerians feel the presence of government through the various interventions, the programmes, and projects. We have done this, but we have other things waiting for us in relation to this.

“We are supposed to ensure that we oversight on these projects, and more especially when we have to borrow money to fund some of these projects, it is very crucial that we ensure there is value for money.”

“Every project that is mentioned here should be implemented appropriately and accordingly. So, all our standing committees should ensure that we continue to carry out our oversight”, the Senate President added.

Senate To Consider 2020 Revised Budget On Thursday

A file photo of the Senate President, Ahmad Lawan, during plenary at the upper chamber of the National Assembly in Abuja.

 

The Senate will on Thursday, consider the revised 2020 budget.

The President of the Senate, Ahmad Lawan, gave the hint on Wednesday during plenary after the Committee on Appropriation laid the report on the 2020 revised budget.

“Tomorrow, we can receive and consider the report to ensure that we don’t delay anything as important as that. So, this is the essence of altering the order paper,” Lawan said.

The Senate had on Tuesday deferred presentation of the report over a delay by the Minister of Finance, Budget and National Planning, Zainab Ahmed, to provide details for the sum of N186 billion, an amount which is part of the N500 billion COVID-19 intervention fund.

Chairman of the Appropriations Committee, Senator Barau Jibrin, explained to his colleagues that the Finance Ministry was yet to comply with the request of the Committee by attaching necessary details for the amount to be captured as part of the 2020 budget amendment bill.

However, Lawan on Wednesday disclosed that the Ministry of Finance, Budget and National Planning had complied with the request of the Appropriations Committee by providing the relevant details for the outstanding N186 billion.

The development, according to him, makes it expedient for the upper chamber to consider the revised 2020 budget on Thursday during plenary.

Reps Pass Revised 2020 Budget Of N10.8trn

A file photo of lawmakers during plenary at the House of Representatives chamber in Abuja .

 

The House of Representatives has passed the revised 2020 federal budget of N10.8 trillion from the initial N10.5 trillion submitted by the president.

The lawmakers also approved President Muhammadu Buhari’s request for $5.5 billion external loan.

Meanwhile, the Senate has hinted that it will on Thursday, consider the revised 2020 budget.

The red-chamber had on Tuesday deferred presentation of the report over a delay by the Minister of Finance, Budget and National Planning, Zainab Ahmed, to provide details for the sum of N186 billion, an amount which is part of the N500 billion COVID-19 intervention fund.

Read Also: Senate To Consider 2020 Revised Budget On Thursday

Chairman of the Appropriations Committee, Senator Barau Jibrin, explained to his colleagues that the Finance Ministry was yet to comply with the request of the Committee by attaching necessary details for the amount to be captured as part of the 2020 budget amendment bill.

However, Lawan on Wednesday disclosed that the Ministry of Finance, Budget and National Planning had complied with the request of the Appropriations Committee by providing the relevant details for the outstanding N186 billion.

The development, according to him, makes it expedient for the upper chamber to consider the revised 2020 budget on Thursday during plenary.

FG Approves Revised 2020 Budget

President Muhammadu Buhari signed the 2020 Appropriation Act into law at the State House in Abuja on December 17, 2019.

 

The Federal Executive Council has approved the revised Medium Term Expenditure Framework and the 2020 budget.

The revised estimates are based on $25 per barrel of crude oil at a production rate of 1.94 million barrels per day.

Earlier, Minister of Finance, Zainab Ahmed had hinted that the government would make the revision based on declining international oil prices and the impact of the coronavirus pandemic.

Ms. Ahmed, who is also the Minister of Budget and National Planning, had told Reuters the government would drop the oil benchmark from the initial $57 per barrel to $30.

2020 Budget: Senate Approves Buhari’s Request To Raise Fresh N850bn Loan

A file photo of President Muhammadu Buhari. Photo: [email protected]

 

 

President Muhammadu Buhari has asked the Senate to approve his request to secure a fresh loan of N850 billion to fund some projects in the 2020 budget.

He made the request in a letter read by the Senate President, Ahmad Lawan, on Tuesday on the floor of the upper chamber of the National Assembly in Abuja.

According to the letter, President Buhari seeks to raise the loan from the domestic capital market to ensure adequate funds to finance projects in the budget.

READ ALSO: Reps To Probe Legality Of Chinese Nationals In Nigeria For Repatriation

After the letter was read, the lawmakers gave accelerated approval to the President’s request to raise the loan.

They also asked the Senate Committees on Finance and Appropriation to liaise with the Minister of Finance, Budget, and National Planning, Zainab Ahmed, to get more details on the loan request.

President Buhari’s request was granted following the senators’ resumption from a recess which lasted about five weeks.

The lawmakers had gone on break since March as part of measures to curb the spread of coronavirus (COVID-19) in the country.

At the resumed plenary, the Senate President welcomed his colleagues and gave the reason for the resumption of plenary amid the rising cases of COVID-19 in Nigeria.

He explained that the decision was to help sustain solutions to the health crisis and ensure the crisis does not create more problems for the government and its people.

Senator Lawan stated that the pandemic has affected the 2020 budget and the National Assembly has a responsibility to work with the Executive to address the problem.

Meanwhile, the Senate Leader, Senator Abdullahi Yahaya, has moved a motion to suspend Order 11 to enable senators to speak from seats not belonging to them.

He explained that this was to enable the lawmaker to comply with social distancing, which was part of the measures to check the spread of COVID-19.