Buhari will sign Nigeria’s 10.8 trillion naira 2020 budget this Friday – Presidency tweets

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LAGOS, July 9 – Nigeria’s President Muhammadu Buhari will on Friday sign into law a 10.8 trillion naira ($28.38 billion) revised 2020 budget passed by lawmakers last month, the presidency said on Twitter on Thursday seen by Naija247news

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The budget was passed by parliament in June after it was revised as part of an effort by the government to tackle the new coronavirus pandemic and low oil prices.

Finance Minister Zainab Ahmed also on Thursday held talks with lawmakers during which she provided details of a framework for the government’s 2021-2023 spending plan, which she said she plans to submit to parliament later this month.

The benchmark price for oil for the 2021 fiscal year was pegged at $35, and then $40 for 2022 and 2023, respectively, according to a statement issued by the office of the leader of the Senate, parliament’s upper chamber.

The framework is used to calculate the government’s budget.

Oil production was placed at 1.86 million barrels per day (mbpd) for 2021, 2.09 mbpd for 2022, and 2.38 mbpd for the 2023. The exchange rate was set to remain at 360 naira per dollar.

Nigeria, the top oil producer in Africa, is heavily reliant on crude oil sales which make up around 90% of foreign exchange earnings. ($1 = 380.5000 naira)

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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