Nigeria’s president signs $29 billion budget

Nigeria

President Muhammadu Buhari of Nigeria has just signed the country’s 2019 budget into law after a review form the country’s upper legislature.

The budget with a total value of $29 billion has a deficit of 1.37% of Nigeria’s GDP.

Africa’s largest economy is struggling to grow its economy after recovery from its worst recession in the first quarter of 2018.

However, growth has been sluggish due to poor infrastructures such as power and double-digit inflation (which although has slowed for more than four quarters) has dampened the purchasing power of Nigerians.

The initial budget Buhari submitted to the upper legislature was less than the signed amount with about N80 billion pushing the budget to reach N8.9 trillion.

The signing of the budget is coming close to a symbolic time. Buhari will be sworn in in two days time for a four-year second term in office. In a keenly contested election, Buhari defeated Atiku Abubakar of the PDP Party. Atiku has since rejected the election result filing a lawsuit at the election petition tribunal.