Presidency gives reason for increase in 2020 budget

The Presidency has revealed that the effect of COVID-19 on the economy is the reason why the 2020 budget was increased despite a drop in revenue.

This was disclosed by Umar El-Yakub, the Senior Special Assistant to the President on National Assembly Matters.

The budget of N10.594 trillion which was signed into law by the President, Major General Muhammadu Buhari (retd.), was revised into N216 billion.

“One needs to understand that the essence of the review is to prioritise government projects that will address infrastructure and ginger the economy more as well as address health issues,” El-Yakubu was quoted by DailyTrust.

“Because of the pandemic, investments are made in those regards and certainly you know that there are palliatives that had been initiated by the federal government in the phases of implementation.

“All those necessitated this new look at the budget so as to free certain amounts of money hitherto appropriated for certain projects which in the circumstances are not as expedient to prioritise.

“We looked at other infrastructure that needs prioritisation so as to address the pandemic and the difficulties that it has brought to the lives of Nigerians.”

He added that the cordial relationship between the executive and legislative arms of government is due to their desire for nation-building.