Buhari signs 2016 Budget into law at last

Nigeria’s President Muhammadu Buhari on Friday signed into law the 2016 federal budget after months of delay caused by mistakes and discrepancies in the original spending plan. Buhari had last December 22 presented a 6.08 trillion naira (around $30-billion, 26.5-billion-euro) budget to parliament but Friday’s document was slightly lower at 6.06 trillion naira.

Budget 2016 7: President Buhari joined the likes of Vice President Yemi Osinbajo, as he President Buhari signs the 2016 budget into Law in Statehouse on 6th May 2016Budget 2016 7: President Buhari joined the likes of Vice President Yemi Osinbajo, as he President Buhari signs the 2016 budget into Law in Statehouse on 6th May 2016 “It is a great pleasure to sign the budget.

It is a serious article of faith for the Nigerian people,” the president said at a ceremony attended by ministers, the Senate president and officials. “The signing of the budget today will trigger concerted efforts to reflate the Nigerian economy, a key element of which is an immediate injection of 350 billion naira into the economy by way of capital projects.”

 The budget for Nigeria’s oil-dependent economy is based on a price of $38 per barrel, slightly below the current global market rate of just over $40. Buhari delayed signing the budget after finding errors that civil society groups indicated possible graft, such as multiple purchases of the same vehicles, computers and other equipment. The former military head of state, who has embarked on a widespread anti-corruption campaign since taking office last May, has claimed some lawmakers removed and replaced proposals.
He has promised to punish those involved. The delay contributed to the stagnation in Africa’s biggest economy caused by the slump in global oil prices, panicking investors already cautious about slowing growth and high inflation. Buhari admitted on Friday that Nigeria was “experiencing probably the toughest economic times in the history of our nation” but was pinning its hopes on the expansionary budget.

 The government is hoping to diversify the economy, produce more food, revive manufacturing and generate employment to help kick start growth. Infrastructure development is also badly needed, particularly in roads, housing and power supply for Nigeria’s 180 million people.

Earlier report below

President Mohammadu Buhari at last has assented to the 2016 Appropriation Bill, giving way for full implementation of the budget. The signing took place just a moment ago at the presidential Villa, Abuja. Recall that the budget was laid before a joint session of the National Assembly on December 22, 2015.

Work on the document began shortly after the Christmas break upon the resumption of the National Assembly for legislative duties. But a plethora of arguments and counter-arguements later ensued between the presidency and the national assembly following the controversial “padding” of the budget against the wishes of President Buhari.

The came after the national assembly had unanimously approved the budget estimates of N6.06 trillion from the initial N6.08 trillion and transmitted to the presidency with the highlight, but failed to attached the details. Reacting, the president declined to give his assent, insisting on seeing the details. But the details made available later proved to be incredibly padded, prompting the Executive arm to return the budget for a rework.

This unfortunately had taken almost 5 months, causing untold hardship on citizenry. But apparently satisfied with the corrections made on the document, the president on Friday put ink on paper, signing the dotted lines. More details later.