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

The President granted assent to the appropriation bill on Friday at the Council Chambers of the Presidential Villa, Abuja while explaining that the earlier N10.59 trillion budget passed by the National Assembly had to be reviewed because of the impacts of COVID-19 on the economy.

He appreciated the National Assembly for the prompt passage of the budget, noting that the initial budget signed in December 2019, was no longer practicable in view of the drastic fall in the prices of petroleum products in the international market.

Buhari noted that the downward review became necessary due to the global crisis occasioned by the coronavirus pandemic which resulted in the reduction of oil production quota by the Organisation of Petroleum Exporting Countries (OPEC) so as to strengthen the oil market.

“Nigeria’s crude oil production quota has been reduced as part of the efforts of the Organization 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.”

He then promised all government’s ministries, departments and agencies (MDAs) that they will receive 50 per cent of their capital allocations by the end of the month.

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