Africa Cover Economy EVENTS Report

Breaking: Acting President Osinbajo signs 2017 budget into law

Acting President Prof. Yemi Osinbajo

Acting President Yemi Osinbajo has signed the 2017 appropriation bill into law.

Mr. Osinbajo signed the budget at about 4:40 p.m. on Monday inside his conference room in the presence of the Chief of Staff to President Muhammadu Buhari, Abba Kyari; Senate President, Bukola Saraki, Speaker of the House of Representatives, Yakubu Dogara, Ministers and other top government officials.

The total budget figure signed is put at N 7.44 trillion.

Mr. Osinbajo said his signing of the budget was a milestone in the implementation of the economic and growth plan programme put in place by Mr. Buhari in April.

He said the processes of putting the budget in place had been smoother than that of 2016 with no allegations of errors.

“There were far few cases of acrimony unlike in the past. There is no doubt at all that our democracy is maturing very well,” he said.

The National Assembly passed the 2017 Appropriations Bill on May 10 after raising from the N7.28 trillion earlier proposed by President Muhammadu Buhari in December last year, to N7.44 trillion.

Attendance are leaders of the National Assembly, Senate President Bukola Saraki, House Speaker Yakubu Dogara, as well as members of the Federal Executive Council.

In the approval, Statutory Transfers got N434 billion, N1.8 trillion for Debt Servicing, N177.5 billion for Sinking Fund for Maturity Bonds and N2.99 trillion for Recurrent Non-Debt Expenditure.

Contribution to the Development Fund for Capital Expenditure, exclusive of the capital expenditure in statutory transfers for the year ending December 31, 2017, got N2.2 trillion.

The chamber pegged crude oil production for the budget at 2.2 million barrels per day, with foreign exchange rate of N305 to a dollar

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Adewale Adenrele Muhideen

Journalist ,PR, Researcher, Investigative , Culture and Tourism promoter, Business Development Consultant.

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