President Muhammadu Buhari has signed the N10.59 trillion 2020 appropriation bill into law.
The president signed the budget document into law on Tuesday in the presence of Vice President Yemi Osinbajo, Senate President Ahmad Lawan, and House Speaker Femi Gbajabiamila.
The 2020 budget is the fastest in getting approval since Nigeria returned to democratic governance in 1999.
Recurrent expenditure took the lion’s share of N4.84 trillion while capital expenditure and statutory transfers got N2.46 trillion and N560.47 billion respectively, while debt servicing will gulp N2.72 trillion during the year.
The sum of N25 billion was approved in the budget for the Nigerian navy’s “Falcon Eye” project aimed at tackling piracy and other criminal activities on the nation’s waters.
With the budget signing, Nigeria is now on the January-December budget cycle.