Nigeria’s Buhari finally signs delayed 2018 budget

LAGOS- Nigerian President Muhammadu Buhari on Wednesday signed the 2018 budget into law, more than six months after it was first presented to parliament.

Buhari has now approved the $25bn spending plan, the plan is hoped to boost the economic growth after the country’s worst recession in over two decades.

In the a Tweet, the president wrote, “in order not to further slowdown the pace of recovery of our economy, which has doubtlessly been affected by the delay in passing the budget”.

He expressed his “concerned” about some of the changes the National Assembly made to the proposals he first presented back in November last year.

He added, “It is y intention to seek to remedy some of the most critical of these issues through a supplementary and/or amendment budget which I hope the National Assembly will be able to expeditiously consider,”

Delays in passing government budgets have become a habit in Nigeria but experts said the delay has already caused damage.

Economist Eze Onyekpere, from the Centre for Social Justice in Abuja said, “The economy has been operating rather in a rudderless manner.”

Even if the budget looks massive, Nigeria does not always follow through on its capital expenditure plans, warned Razia Khan, Africa economist at Standard Chartered Bank, in a note.

Khan said, “Through successive governments, this is where Nigeria’s record has been especially poor,”

“There is no reason to assume this time around that all of the spending plans will necessarily be executed.”

Photo Credit- Flickr

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