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Nigeria’s National Assembly approves 2020 budget of 33 billion dollars

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President Muhammadu Buhari has signed Nigeria’s 2020 appropriation bill of 33 billion dollars into law after the National Assembly passed it to restore the country’s financial year from January to December.

Buhari, who celebrated his seventy-seventh birthday on Tuesday, 17 December 2019, commended the members of the National Assembly for passing the bill expeditiously.

He presented the 2020 Appropriation Bill before the Joint Session of the National Assembly on 18 October 2019 and forwarded the 2019 Finance Bill shortly thereafter.

“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.”

He congratulated and thanked the lawmakers for their commitment and support.

“I equally thank the ninth National Assembly for supporting important legislations such as the Deep Offshore and Inland Basin Production Sharing Contract Amendment Act and the 2019 Finance Bill. These laws are vital to the successful implementation of the 2020 Budget.

“I am aware of the regular high-level discussions that took place between senior officials of the Executive and the Legislature during this period. I commend this renewed partnership, the mutual understanding as well as collaboration between these two arms of government.

“Now, we are well positioned to effectively implement the budget and deliver our promises to Nigerians. Businesses will also benefit as they are now in a position to plan more effectively,” he said.

He stressed the need for a harmonious working relationship between the Executive and the Legislature.

“I have directed that efforts be made to ensure the presentation of the 2021 Appropriation Bill to the National Assembly in September 2020.

“I am confident that all Federal Ministries, Departments and Agencies will cooperate with the Ministry of Finance, Budget and National Planning to keep to this timeline,” he added. 

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