Updated: Nigerian acting president signs 2017 budget

Updated: Nigerian acting president signs 2017 budget

After several weeks of delay, Nigeria’s acting President, Professor Yemi Osinbajo has signed the 2017 budget into law.

Earlier today, aides of the acting president confirmed the budget will be signed into law.

It would be recalled that the Nigerian Senate passed the 2017 budget into law last month. According to their summarised details, the budget stood at NGN7.44 trillion.

It is not clear if the executive has increased and or reduced the figure.

Nigeria fell into a recession that saw its main source of revenue declined by more than 70%. The Naira (NGN), Nigeria’s currency has also lost over 70% of its value after a partial devaluation saw the currency crashing from 197 to USD1 to over USD490 at the parallel market.

The recent rebound in oil prices and a relative cessation of militant activities in the Niger Delta has seen more inflow of Forex into the country. It is expected that government will invest in infrastructure to further boost jobs and domestic spending.