Nigerian President signs US$29bn budget into law

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Nigerian President signs US$29bn budget into law

Muhammadu Buhari has signed the 2019 appropriation bill of N8.92tn into law. However he noted that any alterations by the National Assembly may delay implementation.

Buhari went on to say that the further addition of N90bn to the N8.83 submitted to the legislation would make it more difficult for the government to realise its set objectives. He emphasised that the government would continue conversations with the up and coming ninth National Assembly on how to ease life for Nigerians.

“Of course, some of these changes will adversely impact our programmes making it difficult for us to achieve the objectives of the Economic Recovery and Growth Plan.

“Although I will be signing this bill, it is my intention to engage the National Assembly to ensure we deliver on our promises.

“I will, therefore, be engaging with the leadership of the 9th National Assembly as soon as they emerge to address some of our concerns with the budget,” he said.

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The News Agency of Nigeria reported that during the signing of the 2018 bill, the National Assembly made further cuts to the bill Buhari had presented. The cuts amounted to N357bn in allocations. Buhari said that he signed the bill as he did not want to slow down the recovery of the Nigerian economy any further.

While the president shared his gratitude for the work of the National Assembly, and that of the Ministers of Budget and National Planning, he expressed a desire to expedite the process in which the budget is produced, as well as returning the country’s fiscal year to January to December.

He also thanked Vice-President, and Yemi Osinbajo, and  the Minister of Budget and National Planning Udoma Udo Udoma “because it is a collective endeavour, without their support, it would have been impossible to produce a budget.” he said.

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