President Muhammadu Buhari has just assented to the 2020 budget into law on Wednesday 18 December, 2019, making it the first time in 8 years that the fiscal budget would be running from January of the fiscal year.
The minister of Finance Mrs Zainab Shamsuna Ahmed, on Twitter, shared her satisfaction with the assent of the bill.
”Earlier today H.E. @MBuhari signed the 2020 Budget into law. This is the first time since 1999 that it is signed before the budget year. My appreciation goes to the Executive & Legislation arms as we continue to work hard towards implementation. Happy Birthday Mr. President.”
The budget is usually marred by irregularities, budget padding, back and forth with the previous Senate administration of Senate President Bukola Saraki and House of Representatives of Honourable Yakubu Dogara. This has contributed largely to delays with the passage of the budget on time.
Nigerians have witnessed the budget getting passed mid fiscal year and on occasions, towards the end of the year or only at the third quarter of the fiscal year. This keeps the country running on the fiscal budget of the previous year.
It is however noteworthy to observe that the current administrations of the Executive and the Legislative arms of government are headed by members of the ruling party All Progressive Congress (APC)
With the budget having been passed weeks before the fiscal year 2020, we hope Nigerians would enjoy a better run economy in the year 2020.