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Nigerian Lawmakers Pass N7.5 trillion Budget for 2017

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Lawmakers of the Federal Republic of Nigeria on Thursday,  May 11, have passed the 2017 national budget of N7.5 trillion ($24 billion) in both the Senate and House of Representatives after a five-month delay.

The budget passed by the National Assembly is said t be slightly higher than the one President Muhammadu Buhari submitted in December 2016.

The Senate tweeted confirmation that the government spending plans had been passed:

SP, @bukolasaraki takes the recap again and the 2017 budget is read the third time and passed.

In a series of tweets, the President of the Senate, Bukola Saraki, commended the Executive for their cooperation and Nigerians for the patience and understanding, and said he believed that the budget, tagged Budget of Recovery, will help take Nigeria out of economic recession.

“I appreciate the level of consultation and the remarkable difference from what we saw in 2016”

“I appreciate the cooperation of members of the Executive & the remarkable difference from the 2016 process

“It is my hope that this budget of recovery would go a long way and take us out of recession” – SP,

“SP @bukolasaraki commends all Nigerians for their patience and understanding during the #2017budget deliberations.”

The Senate President also appealed to the Executive to get the 2018 budget across by end of September latest to meet up with the December-January window.

When signed into law by the President, the budget is expected to help jump start the Nigerian Economy, which has been in recession for about one year.

With President Buhari on a medical leave in the UK for an undisclosed illness, the Acting President Yemi Osinbajo, who has taken charge, would have to sign the budget into law.

In a bid to prove that it is transparent, the Senate has tweeted sheets of its budget and promised to upload an online version on its website.

 

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