At last the Nigerian parliament, has forwarded the 2017 budget of N7.44 trillion naira ($23.62 billion) to the Acting President, Yemi Osinbajo for assent into law.
This was confirmed by an official in the executive arm of government, who pleaded for anonymity on Friday.
Also confirming the development, the senior special assistant to the president on Senate matters, Ita Enang, said the spending plan is aimed at pulling Africa’s largest economy out of its downturn.
“After I handed the budget, as passed by the National Assembly, to the acting president he said he would assent to it after the laid-down procedure,” Enang told journalists in Abuja, after leaving a meeting with Osinbajo.
Last year’s budget — passed in May 2016 — was delayed for months due to disagreements between lawmakers and the presidency, which froze the allocation of money for government projects and deepened the economic crisis. Lawmakers had vowed to pass the bill more quickly this year.
The upper and lower chambers of parliament agreed to a larger budget than the 7.298 trillion naira draft submitted by Buhari in December.
The 2017 budget is based on an assumed oil price this year of $44.50 a barrel, while global benchmark for Brent crude is currently trading above $50. It also entails debt service for foreign borrowing of 175.9 billion naira and domestic borrowing of 1.488 trillion naira.
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