President Muhammadu Buhari has finally assented to the 2016 Budget.
He signed the final copy in his office at the Presidential Villa, Abuja in the presence of the Vice President, Yemi Osinbajo, Senate President, Bukola Saraki, Speaker, Yakubu Dogara, Finance Minister, Kemi Adeosun, Budget Minister, Udo Udoma, All Progressive Congress Chairman, Odigie Oyegun and other senior government officials this afternoon.
Details of the final copy are to be made public by the finance ministry following endorsement of the document.
The budget is probably the most delayed in the history of the country’s democracy.
The record 6.06 trillion naira ($30.6 billion) budget triples capital expenditure in Africa’s top oil exporter from 2015 and aims to stimulate an economy hit hard by the fall in global crude prices.
Nigeria is facing its biggest economic crisis for years after oil revenues, which make up about 70 percent of national income, slumped along with global crude prices.
Senior politicians including Senate President Bukola Saraki and Finance Minister Kemi Adeosun were present when the president signed the bill.
“This budget is a budget of faith for the Nigerian people,” said Buhari.
Adeosun has said Nigeria is expected to post budget deficits for the next two to three years. In 2016, the deficit is seen at 2.2 trillion naira ($11.6 billion), slightly less than a previously estimated 3 trillion naira.
Buhari withdrew his original budget bill in January because of an unrealistic oil price assumption. Parliament approved an amended proposal in March but only submitted highlights, prompting Buhari to say he would only sign the bill after it was resubmitted.
