Thursday, Oct 29th 2020 6:00 AM

Market Digest Nigeria


General Assembly approves UN’s $3.07bn budget for 2020

The General Assembly has adopted a budget of 3.07 billion dollars for the United Nations in 2020.

It followed the consideration of the report of the Assembly’s Fifth Committee, which handles administrative and budgetary matters. This is the first annual budget of the organisation in 45 years, according to the UN, which had been operating a two-year budget cycle since 1974.

The 2020 figure is 23 million dollar higher than the 2.849 billion budgeted by the organisation in the outgoing year. It is also an increase of eight million dollar over the 3.06 billion dollar proposal requested by Secretary General Antonio Guterres.

Speaking after the adoption, President of the General Assembly, Amb. Tijjani Muhammad-Bande, congratulated the committee for the successful conclusion of its assignment. Muhammed-Bande said the approval and other major decisions by the committee would be critical to the good functioning of the UN.

“The proposed programme budget for 2020 provides necessary resources to the UN Secretariat to implement its various tasks. “It also prepares us well for entry into the Decade of Action for SDG implementation,” he said.

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