Acting President Yemi Osinbajo has signed into law the 2017 budget proposal passed by the National Assembly on May 11, five months after the document was presented before the lawmakers by President Muhammadu Buhari.
The budget, which is christened “budget of economic recovery and growth”, was signed at exactly 4.40 pm on Monday.
Bukola Saraki, the Senate President, had earlier confirmed via a twitter post that the budget would be signed by 3 pm.
During the brief signing ceremony attended by Saraki and Yakubu Dogara, Speaker of the House of Representatives, Osinbajo commended the lawmakers for the work that went into the budget.
The Acting President described the 2017 appropriation act as “an important milestone in our economic recovery & growth plan laid in April by President Buhari”.
— Presidency Nigeria (@NGRPresident) June 12, 2017
The legislators had increased the initial budget estimate submitted by the President from N7.30 trillion to N7.44 trillion – an increase of N143 billion.
The approved budget was based on the medium term expenditure frame-work/fiscal strategy policy, which stipulates a crude oil benchmark of $44.50 per barrel, an estimated crude oil production of 2.2 million barrels per day, and an exchange rate of N305 to a dollar.