This is the first time that Nigeria will pass next year’s budget in December. With this development, planning and implementation will become easier.
President Muhammadu Buhari signs the 2020 Appropriation Act into law at the State House in Abuja on December 17, 2019.
President Muhammadu Buhari has signed into law the 2020 Appropriation Act of N10.594 trillion.
The signing ceremony held on Tuesday at the Presidential Villa in Abuja, a day after Channels Television reported that the President would assent to the Act.
It is the fourth time since 1999 but the earliest that the appropriation bill is signed in December, paving the way for the return of Nigeria to a January – December budget cycle.
Vice President Yemi Osinbajo, Senate President Ahmed Lawan, Speaker Femi Gbajabiamila, and others look as President Muhammadu Buhari signs the 2020 Appropriation Act into law at the State House in Abuja on December 17, 2019.
READ ALSO: We Are Well-Positioned To Effectively Implement 2020 Budget – Buhari
In his remarks, the President commended the patriotic zeal of the National Assembly for the quick passage of the budget.
He, however, informed the lawmakers that he looks forward to receiving the Finance Bill for assent in the shortest time.
President Buhari, therefore, called on the Ministries, Departments, and Agencies (MDAs) to ensure the effective implementation of the 2020 budget.
He expressed confidence in his administration’s ability to finance the 2020 budget.
In view of this, the President directed that the 2021 budget estimates be submitted to the National Assembly by September next year.
The signing of the 2020 budget was witnessed by the Vice President, Professor Yemi Osinbajo; the Secretary to the Government of the Federation, Mr Boss Mustapha; and the Minister of Finance, Budget, and National Planning, Mrs Zainab Ahmed.
Also present were the President of the Senate, Senator Ahmed Lawan; and the Speaker of the House of Representatives, Mr Femi Gbajabiamila, among other National Assembly leaders.
Read the President’s full speech at the event below:
It is my pleasant duty, today, on my 77th birthday, to sign the 2020 Appropriation Bill into law.
I thank the National Assembly, in particular, the Senate President, the Speaker of the House of Representatives, and indeed all the Distinguished and Honourable Leaders, and Members, for passing the 2020 Appropriation Bill, expeditiously.
You will recall that I laid the 2020 Appropriation Bill before the Joint Session of the National Assembly on 8th October 2019 and forwarded the 2019 Finance Bill shortly thereafter.
I am very pleased that the National Assembly worked uncommonly long hours in the interest of our people and the national economy to ensure detailed legislative review and passage of the Budget within two months.
This patriotic zeal adopted by the Ninth National Assembly has restored our budget cycle to a predictable January to December fiscal year.
Furthermore, in the 20 years since the return to civilian democracy, this will be just the fourth time that the Federal Budget was passed before the end of the previous year, and this is the earliest.
The passage of the Finance Bill, which I am told will be done in the coming days, will also be a landmark achievement worthy of recognition, being the first time, this has been done in the last twenty years.
We look forward to receiving this Bill, shortly, for Presidential Assent. Once passed into law, the Finance Bill will support the funding and implementation of the 2020 Budget.