On May 11, the Nigerian parliament has approved the 2017 budget which stands at N7.44 trillion ($24.4 billion). This is about N1 trillion more the amount proposed by President Muhammadu Buhari on December 14, 2016, knowingly 7.3 trillion naira ($23.2 billion).
With the budget passed, the government will be able to borrow 2.3 trillion naira which is to be used to plug its budget deficit which stands at 2.18% of GDP. The nation, it should be recalled, entered its first recession in 25 years last year after prices of oil, its main export, plunged sharply and its production fell due to attacks on key infrastructures.
“We do hope that this budget of recovery…will go a long way to help Nigeria to come out of the economic recession and bring growth,” said Senate President Bukola Saraki.
Now that lawmakers have passed the budget, it has to be signed by President Buhari. However, given that he is currently in U.K. for medical reasons, it is the Vice-President, Yemi Osinbajo, who will sign the document.
Avec agenceecofin
