President Muhammadu Buhari has signed the 2021 Appropriation Bill of N13,588,027,886,175 into law.
Buhari’s approval comes exactly ten days after both chambers of the National Assembly passed the N13.5 trillion budget and three days after it was transmitted to the president for approval.
The president also signed the 2020 Finance Bill into law.
Vice President Yemi Osinbajo, Senate President Ahmad Lawan and the Speaker of the House of Representatives, Femi Gbajabiamila, witnessed the signing of the budget at the Council Chamber, Presidential Villa, in Abuja, on Thursday.
Others present were the Secretary to the Government of the Federation, Boss Mustapha, some cabinet ministers as well as few top government officials.
The signing of the budget is in line with the president’s promise to return the nation to the January to December Budget cycle.
READ ALSO: N’Assembly Passes N13.58trn Budget For 2021
Both the Senate and the House of Representatives Committees on Appropriations had laid a harmonised report in the respective chambers as the National Assembly held special sessions mainly to pass the national budget ahead of the Christmas and New Year break.
The legislators had approved N13.6 trillion (13,588,027,886,107) against the N13.08 trillion proposed by Buhari in October.
The lawmakers added N505 billion to the proposed budget.
A breakdown of the approved budget figures shows about N496.5 billion approved for statutory transfers and N3.3 trillion for debt services.
The recurrent expenditure was put at N5.6 trillion with capital expenditure at N4.1 trillion and fiscal deficit at N5.2 trillion.
© ControlTV 2020.
