Buhari Signs N10.8tn Revised Budget, Assures MDAs on Capital Votes Omololu Ogunmade in Abuja President Muhammadu Buhari yesterday in Abuja signed into law the revised 2020 budget of N10.8 trillion with an assurance that the government’s ministries, departments and agencies (MDAs) will receive 50 per
cent of their capital allocations at the end of this month. At the signing ceremony, which took place at the Council Chambers of the Presidential Villa, the President said the earlier N10.59 trillion budget passed by the National Assembly had to be reviewed because of the adverse effects
of COVID-19 on the economy. Buhari, who thanked the National Assembly for prompt passage of the budget, said whereas the 2020 Appropriation Bill earlier passed by the National Assembly was signed on December 17, 2019, the Act was no longer implementable
in view of the drastic fall in the prices of petroleum products in the international market. He also said the review became compelling because the global crisis caused by the pandemic resulted in the reduction of oil production quota by the Organisation of Petroleum Exporting
Countries (OPEC) with a view to strengthening the oil market. The President added that the trend was forcing the global economy into recession, hence the need to reallocate resources through the revised budget to pave way for effective implementation of necessary
health and emergency matters. "However, it became necessary to revise the Appropriation Act 2020 in response to recent developments, particularly the COVID-19. Crude oil prices in the world market declined Continued on page 5
Immigration Stops 58 Nigerian Doctors’ Departure to London… Page 14 Saturday 11 July, 2020 Vol 25. No 9224
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Nigeria’s Public Debt Stock Hits N28.63tn Lagos leads borrower states with N444bn obligation James Emejo in Abuja
March 31 this year. According to the Nigerian Nigeria's total public debt Domestic and Foreign Debt Q1 portfolio, all the states and the 2020 report released yesterday federal government inclusive, by the National Bureau of stood at N28.63 trillion as at Statistics (NBS), the total
public debt rose by 4.48 per cent compared to the N27.40 trillion recorded in Q4 2019. External debt accounted for N9.99 trillion or 34.89 per cent of the total debt. The domestic
component stood at N18.64 trillion or 65.11 per cent of total borrowing. Of the domestic debt of N18.64 trillion, federal government's share alone is
N14.53 trillion compared to Q4 2019 when total domestic debt was N18.37 trillion with the federal government accounting for N14.27 trillion. Federal government's
domestic debt service for Q1 also increased to N609.13 billion compared to N254.04 billion in Q4 of 2019. Continued on page 5
Magu, Who Denied Scores Their Freedom, Seeks Bail FG confirms suspension, Mohammed Umar appointed acting chairman IG substitutes all policemen serving with EFCC
Alex Enumah in Abuja The former Acting Chairman of the Economic and Financial Crimes Commission, Mr. Ibrahim Magu, has, through his lawyer, demanded his immediate release on bail from custody. On the same day, the Attorney-General of the Federation (AGF) and Minister of Justice, Abubakar Malami confirmed the ongoing probe of Magu, and announced that President Muhammadu Buhari had approved the immediate suspension of Magu. Magu’s tenure as the boss of the EFCC was characterised by large scale abuse of human rights, with reckless detention
of suspects. Even when suspects got bails, they are sometimes rearrested at court premises and dumped into detention by Magu’s boys. Though, Magu showed no respect for human rights, analysts are of the opinion that he should be allowed to enjoy his lawful bail. In a formal application for bail by his lawyer, Mr Oluwatosin Ojaomo, Magu said it would enable him prepare his defense against the allegations of corruption brought by Malami. In the bail application addressed to the Inspector General of Police, Mohammed Continued on page 5
Okonjo-Iweala Faces WTO General Council Next Week... Page 5
RATIFYING REVISED BUDGET 2020... L-R: Vice President Yemi Osinbajo, President Muhammadu Buhari and President of the Senate, Ahmed Lawan, during the signing of the revised 2020 budget at the Presidential Villa Abuja....yesterday godwin omoigui