Buhari signs budget

Ayorinde Oluokun

President Muhammadu Buhari today signed the 2016 Appropriation Bill into law. The Key Revenue Assumptions of the Bill as proposed by the Executive was retained by the National Assembly.

Also, all the key revenue assumptions proposed by the Executive are retained, including the benchmark oil price of $38 per barrel, oil production volume of 2.2mbpd and exchange rate of N197/US$.

An aggregate budget of N6.06 trillion was passed by the National Assembly and assented to by the President. The Executive had proposed N6.077, implying a decrease by about N17 billion. This implied a reduction in the fiscal deficit from 2.16% of GDP to 2.14% of GDP.