President Muhammadu Buhari on Tuesday signed the N10.59 trillion 2020 Budget bill into law.

Daily Nigerian reports that signing, which coincides with the President’s 77th birthday, was witnessed by the Vice President Yemi Osinbajo, Senate President Ahmad Lawan, House of Representatives Speaker Femi Gbajabiamila, amongst other principal officers.

“It is my pleasant duty, today, on my 77th birthday, to sign the 2020 Appropriation Bill into law.

“I’m pleased that the National Assembly has expeditiously passed this Bill. Our Federal Budget is now restored to a January-December implementation cycle,” Mr Buhari stated as reported by Daily Nigerian.

Recall that the 2020 budget was passed into by the upper legislative chamber last week, following the presentation of a report by the chairman of the Senate Committee on Appropriation, Barau Jibrin.

The budget was increased from N10.33 trillion as presented by Mr Buhari on October 8 to N10.6 trillion (10,594,362,364,830).

While the Senate maintained Nigeria’s daily oil production rate at 2.18 million per barrel, it, however, increased the oil benchmark to $57 per barrel against the $55 proposed by the Executive.

The committee retained the inflation rate at 10.81 per cent and the exchange rate at N305-$1 as proposed by the executive. It also retained GDP Growth Rate at 2.93 per cent as proposed.

In a breakdown, N560,470,827,235 was allocated for Statutory transfer, N2,725,498,930,000 for Debt service and N4,842,974,600,640 for Recurrent expenditure

Others include N2, 465,418,006,955 for Capital expenditure, N2.28 trillion for Fiscal Deficit and N1.52 per cent for Deficit/GDP.