Buhari’s speech at Budget signing

Speech by His Excellency, Muhammadu Buhari President of the
Federal Republic of Nigeria at the signing into law of the 2020
Appropriation Bill. Presidential Villa, Abuja. Tuesday, December
17, 2019.

PROTOCOLS

1. It is my pleasant duty, today, on my 77th birthday, to sign
the 2020 Appropriation Bill into law. I thank the National
Assembly, in particular, the Senate President, the Speaker of the
House of Representatives, and indeed all the Distinguished and
Honourable Leaders, and Members, for passing the 2020 Appropriation
Bill, expeditiously.

2. You will recall, that I laid the 2020 Appropriation Bill
before the Joint Session of the National Assembly on 8th October,
2019 and forwarded the 2019 Finance Bill shortly thereafter.

3. I am very pleased that the National Assembly worked
uncommonly long hours in the interest of our people and the
national economy to ensure detailed legislative review and passage
of the Budget within two months.

4. This patriotic zeal adopted by the Ninth National Assembly
has restored our budget cycle to a predictable January to December
fiscal year.

5. Furthermore, in the twenty years since the return to civilian
democracy, this will be just the fourth time that the Federal
Budget was passed before the end of the previous year, and this is
the earliest.

6. The passage of the Finance Bill, which I am told will be done
in the coming days, will also be a landmark achievement worthy of
recognition, being the first time, this has been done in the last
twenty years.

7. We look forward to receiving this Bill, shortly, for
Presidential Assent. Once passed into law, the Finance Bill will
support the funding and implementation of the 2020 Budget. We shall
sustain this tradition by ensuring that subsequent budgets are also
accompanied by a Finance Bill.

8. For these achievements, I must therefore congratulate and
thank the Distinguished Senate President, the Right Honourable
Speaker and indeed, all members of the Federal Legislature for
their commitment and support.

9. I equally thank the Ninth National Assembly for supporting
important legislations such as the Deep Offshore and Inland Basin
Production Sharing Contract Amendment Act and the 2019 Finance
Bill. These laws are vital to the successful implementation of the
2020 Budget.

10. I am aware of the regular high-level discussions that took
place, between senior officials of the Executive and the
Legislature during this period. I commend this renewed partnership,
the mutual understanding as well as collaboration between these two
arms of government.

11. Now, we are well positioned to effectively implement the
budget and deliver our promises to Nigerians. Businesses will also
benefit as they are now in a position to plan more effectively.

12. We have to sustain this harmonious working relationship. I
expect that, going forward, this will be the norm.

13. I have directed that efforts be made to ensure the
presentation of the 2021 Appropriation Bill to the National
Assembly in September 2020. I am confident that all Federal
Ministries, Departments and Agencies will cooperate with the
Ministry of Finance, Budget and National Planning to keep to this
timeline.

14. I will work with the Ninth National Assembly to give effect
to the constitutional, legislative and other actions that may be
necessary to address the various challenges currently associated
with our federal budgeting process, including the enactment of an
Organic Budget Bill.

15. The 2020 Budget passed by the National Assembly provides for
aggregate expenditures of Ten-point-Five-Nine-Four Trillion Naira
(N10.594 trillion), an increase of Two Hundred and
Sixty-Three-point-Nine-Five Billion Naira (N263.95 billion) over
the Executive’s Proposal that was submitted in October 2019. We
have examined the adjustments and may revert to the National
Assembly with a request for a Virement or other relevant
amendments.

16. The Honourable Minister of Finance, Budget and National
Planning will make a public presentation of the details of the
approved budget.

17. With today’s global oil market outlook and our strategic
approach to revenue growth, we are optimistic that we will be able
to finance the 2020 Budget.

18. However, being a deficit budget, an appropriate 2020 – 2022
Borrowing Plan will be forwarded to the National Assembly, in due
course.

19. Mr. Senate President, Right Honourable Speaker, for this
submission, I will once again count on your usual cooperation and
support by ensuring quick consideration and approval of the
Plan.

20. To optimize the desired impact, I have directed the Ministry
of Finance, Budget and National Planning and all Federal MDAs to
ensure effective implementation of the 2020 Budget.

21. I wish to acknowledge the efforts of the Minister of
Finance, Budget and National Planning, the Budget Office of the
Federation, and all stakeholders, who collaborated and worked
painstakingly, to produce the 2020 Appropriation Bill, that I have
just signed into law.

22. I thank you most sincerely for your kind attention.

23. May God continue to bless the Federal Republic of
Nigeria.