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

NIGERIA REJECTS NEW LEVELS OF MISREPRESENTATION IN THE UK ALL-PARTY PARLIAMENTARY GROUP ON INTERNATIONAL RELIGIOUS FREEDOM REPORT ON NIGERIA.

The President and Government of Nigeria wish to thank members of the United Kingdom All-Party Parliamentary Group on International Religious Freedom or Belief for their report, launched a few days ago. Although it is difficult reading, the statement also acknowledges the importance of accurate, unbiased, depoliticised and truthful information when it comes to understanding the realities and addressing the challenges for those of faith in Nigeria. In this regard when uncritical attention is afforded to critics with dubious intentions, it only becomes harder for both the government and people of Nigeria to engage in constructive dialogue to resolve our differences, and uphold what is enshrined in our Constitution and laws: that everyone has the right to freedom of thought, conscience and religion. It is clear for all to see that there have, for generations in Nigeria, been tensions between our major religions, Christianity and Islam - and between herders and farmers - both for access to ...
Post a Comment
Read more

BENEFITS OF AKK GAS PIPELINE PROJECT, BY PRESIDENT BUHARI

President Muhammadu Buhari on Tuesday affirmed the Nigerian government's commitment to ensure timely delivery of the landmark Ajaokuta-Kaduna-Kano Gas (AKK) pipeline project within budgetary allocation and specifications. Speaking at the virtual flag-off ceremony of the project at the Ajaokuta, Kogi State and Rigachikun, Kaduna State camp sites simultaneously, President Buhari said the project was very dear to the people of Nigeria and must succeed.   The President, therefore, directed the NNPC and partners to remain focused, noting that the AKK project is part of the delivery of the present administration’s Next Level Agenda for sustainable development, enhancement of economic prosperity and increase of the country’s infrastructure assets.   Governors Yahaya Bello of Kogi State and Nasir El-Rufai of Kaduna physically flagged off the commencement of works at Ajaokuta and Rigachikun sites, while the President watched remotely via video-conference from the Council Chamber in Abu...
Post a Comment
Read more

PRESIDENT BUHARI URGES NIGERIANS TO DESIST FROM DIVISIVE ACTIONS, SAYS COUNTRY’S UNITY WON AT GREAT COST

President Muhammadu Buhari Wednesday in Abuja appealed to Nigerians to desist from actions and comments that could jeopardise the unity and progress of the nation. Launching the 2021 Armed Forces Remembrance Day (AFRD) Emblem and Appeal Fund, President Buhari said this year’s occasion reminds Nigerians of the need to guard jealously the unity of the nation which was won at great cost. The President, who stressed that ‘‘Nigeria’s strength lies in her diversity’’, honoured the memory of the nation’s fallen heroes and veterans, recounting their sacrifices during the First and Second World Wars, the Nigerian Civil War and Peace Support Operations around the world. President Buhari also paid tribute to men and women currently engaged in internal security operations, particularly the ongoing fight against insurgency, terrorism and armed banditry in some parts of the country, praising them for remaining steadfast in the difficult task of restoring peace and security despite the c...
Post a Comment
Read more