President Muhammadu Buhari has finally signed the 2016 controversial budget into law.
The budget signing which took place at a ceremony held inside the executive office of the President at the Aso Rock Villa in Abuja had in attendance, the VP Yemi Osibajo, Senate President Bukola Saraki, Speaker of the House of Reps, Yakubu Dogara as well as some ministers and aides of the president.
This followed the submission of the clean copy of the budget to the president by the National Assembly yesterday.
The record 6.06 trillion naira ($30.6 billion) budget triples capital expenditure in Africa’s top oil exporter from 2015 and aims to stimulate an economy hit hard by the fall in global crude prices.Nigeria is facing its biggest economic crisis for years after oil revenues, which make up about 70 percent of national income, slumped along with global crude prices.
The budget signing ends months of bickering between the executive branch and the legislative arm of the Nigerian government.