Skip to main content

Presidential speech at the signing of the Appropriation Act 2020 - Garba Shehu



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

1.           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.

2.           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.

3.           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.

4.           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.

5.           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.

6.           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.

7.           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.

8.           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.

9.           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.

10.        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.

11.        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.

12.        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.

13.        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.

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

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

By Garba Shehu.

Comments

Post a Comment

Popular posts from this blog

BOLA AHMED TINUBU - THE JAGABAN

By George Udom LOOK AT TINUBU's CABINET AS GOVERNOR OF LAGOS STATE Lai Mohammed, Chief of Staff from Kwara. Yemi Osinbajo, Attorney General from Ogun. Wale Edun, Finance Commissioner from Ogun. Dele Alake Commissioner for Information from Ekiti Rauf Aregbesola Commissioner for Works from Osun State. Ben Akabueze, Commissioner for Budget and Planning from Anambra State. Femi Lanlehin, SA from Oyo State. Aurthur Worrey Commissioner for Land from Delta State. Hon. James Abiodun Faleke, third term Federal House of Representatives member, Representatiing Ikeja Federal Constituency - From Kogi State To name a few. For the eight years that he ruled Lagos, he hired several guys to work with him. Apart from using them to work in his government, he also groomed them politically. Twelve years down the line, see where those Tinubu guys are today - 1. Prof Yemi Osinbajo, SAN was Tinubu's Attorney General and Commissioner for Justice. He is today, Nigeria's Vice President. 2. Rauf Aregbe

Musa Dala Mamman : A man to follow, a true progressive

"Of the five elements, none is always predominant; of the four seasons, none lasts forever; of the days, some are long and some short." Sun Tzu. There is time for everything, meet Musa Dala Mamman, M.Sc. ACA. CFA.  A philanthropist, born in Zambuk to his late father, Dala Mamman and mother, Mrs Salamatu Dala. He is married to Rahila Musa with four beautiful children. His wife is a pillar of strength and a God-fearing woman who gives back to society in her own way. Musa Dala works with the University Teaching Hospital, Gwagwalada where he has shown exemplary leadership in his department and the hospital at large. His gradual rise through the ranks in the hospital, in his over fifteen years of service has been somewhat momentous because of the mentor/mentee relationship he has maintained with other great minds in the course of his life. He holds a Master's degree in Financial Economics from University of Abuja, a degree in Economics from same University. A Chartered Account

PRESIDENCY STATEMENT ON THE SUSPENSION OF MR. IBRAHIM MAGU

 A series of documented allegations were made against the Ag. Chairman of the Economic and Financial Crimes Commission (EFCC). Following a preliminary review of the allegations leveled against the Ag. Chairman and several other members of his staff, there were grounds for a detailed investigation to be conducted.   Hence, an investigative panel was constituted in compliance with the extant laws governing the convening of such a body.   As is the proper procedure, when allegations are made against the Chief Executive of an institution, and in this case an institution that ought to be seen as beyond reproach, the Chief Executive has to step down from his post and allow for a transparent and unhindered investigation.   The EFCC does not revolve around the personality of an individual, and as such cannot be seen through the prism of any individual. Therefore, the suspension of Mr. Ibrahim Magu, allows the institution to continue carrying out its mandate without the cloud of inv