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#Budget2016 : Finally President Buhari Signs 2016 Budget Into Law

President Muhammamu Buhari on Friday at
the Federal Capital Territory, Abuja, signed
the 2016 Appropriation bill into law putting
an end to the controversies that rocked the
2016 budget.

The latest development is coming few hours
after the National Assembly submitted a
corrected copy of the budget to the President.
Recall in December 2015, the budget proposal
presented to a joint session of the National
Assembly by Buhari was N6.07trn. A total of
N351bn was for statutory transfers, N2.8trn
for recurrent expenditure and N1. 8trn for
capital expenditure.

The legislature, based on the
recommendation of its committees on
appropriation, adopted $38 per barrel crude
oil benchmark for the budget, as proposed by
the federal government. It also adopted a
foreign exchange rate of N197 per dollar as
proposed by the government.
It, however, reduced the total budget sum
from N6.07trn to N6.06trn: N351bn for
statutory transfers, N1.4trn for debt service,
N2.6trn for recurrent expenditure, and
N1.5trn as capital expenditure.

Meanwhile top government officials who
were present when the President put pen to
paper on the budget were the Vice President
Yemi Osinbajo, Senate President, Bukola,
Saraki and Speaker of the House of
Representatives Yakubu Dogara.

Others were the Minister of Budget and
National Planning, Udoma Udo Udoma,
Minister of Finance, Kemi Adeosun, Minister
of State for Budget and National Planning,
Zainab Ahmed, Senior Special Assistant to
the President on National Assembly Matters
(Senate), Ita Enang, Senior Special Assistant
to the President on National Assembly
Matters (House of Representatives), Samaila
Kawo, National Chairman of the All
Progressives Congress (APC), John Odigie-
Oyegun, Chairman Senate Committee on
Appropriation, Danjuma Goje and Chairman
House of Reps Committee on Appropriation,
Abdulmumuni Jubril.

With the signing of the 2016 budget it is
believed that the Nigeria economy as well as
the standard of living of the Nigerian citizens
will improve in the coming days.

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