Buhari signs first budget into law

President Muhammadu Buhari finally signed his first budget as a democratically elected president of the Federal Republic of Nigeria.

Tagged: ‘Budget of Change’, the harmonised document which was signed into law on May 6, 2016 in Abuja, came after several months of accusations and counter accusations between the executive and the law makers over the allege alterations in the 2016 budget.

The withholding of assent by the president led to the trading of words between both arms of government for several weeks until a clean copy of the budget was submitted to the president.

The Buhari led government had announced that it had mapped out 34 strategic priority programmes and projects it intended to achieve with the 2016 budget.

These include a capital spend minimum of 30% annually, an appropriate and predictable exchange regime by the end of 2016, increased low interest lending rate of 9%, self-sufficiency in tomato paste in 2016 and rice production by 2018.

It also plans to increase local production of maize, soya beans, poultry and livestock and to stop import.

Top government officials who witnessed the budget being assented to by president Buhari includes, Vice President, Professor Yemi Osinbajo, and the chairmen of the National Assembly appropriation committees, among others.

  • Photo shows PresidentBuhari signing the 2016 Budget into law at the Presidential Villa, Abuja.

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