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  • Business - Economy
  • Updated: May 17, 2020

President Buhari Renews Tenure Of Director-General of the Budget Office, Benjamin Akabueze

President Buhari Renews Tenure Of Director-General of the Bu

Benjamin Akabueze, the Director-General of the Budget Office of the Federation, will head the Budget Office of Nigeria for a second term after his appointment was renewed today by President Muhammadu Buhari.

It was revealed in a statement by the Presidency's Twitter handle, @NGRPresident, that President Buhari approved the renewal of Akabueze's tenure as the Director-General of the Budget Office of the Federation.

"President @MBuhari has approved the renewal of the tenure of Mr. Benjamin Akabueze as Director-General of the Budget Office of the Federation. The Budget Office is currently undergoing several reforms under the leadership of Akabueze, towards improving effectiveness & efficiency," the tweet reads.

According to a statement by the Ministry of Finance shared by Tolu Ogunlesi, the Special Assistant to President Buhari on Digital & New Media, “Akabueze was first appointed as a Special Adviser Planning to the President on Feb 15, 2016 and later re-deployed and appointed as DG Budget, June 10, 2016 by Mr. President, to handle the nagging issues in the Budget office at that time.”

Meanwhile, the Federal Government has reduced the budget expenses from N10.59 trillion to N10.52 trillion. This was done after the Minister of Finance, Budget and National Planning, Zainab Ahmed, submitted the 2020 Medium Term Expenditure Framework.

FG also reduced the oil benchmark to $25 from $30 on Wednesday, May 14, 2020. Recall that the government had previously cut the benchmark from $57 to $30 after oil price crashed due to the outbreak of coronavirus and the oil price war between Saudi Arabia and Russia.

The 2020 budget now has a deficit of N5.3 trillion and Ahmed stated in an AllNews report that the government will have to borrow more from domestic and foreign creditors in order to fund the 2020 budget deficits.

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