Acting President of Nigeria Yemi Osinbajo has signed the 2017 Appropriation Bill into law. Osinbajo made the announcement via Twitter on Monday.
The event was attended by leaders of the National Assembly, Senate President Bukola Saraki, House Speaker Yakubu Dogara, as well as members of the Federal Executive Council.
The National Assembly on May 11, passed the 2017 Appropriation Bill, raising the figure from N7.30 trillion presented by President Muhammadu Buhari on December 14, 2016, to N7.44 trillion.
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.
Acting President @ProfOsinbajo assents to the 2017 Budget, in the presence of senior Govt officials from Legislature & Executive #Budget2017
Tweets from the Nigerian President's official Twitter page (@NGRPresident) wrote;
"At 4.40pm today June 12, 2017, Acting President, Prof. Osinbajo assented to the 2017 Appropriation Bill.
"The 2017 Budget is christened the Budget of Economic Recovery and Growth.
"Osinbajo, on signing #Budget2017: "The bleakness of recession is about to witness the uplifting dawn of abundance."
"I'd like to express appreciation to @nassnigeria for completing the work of the 2017 Appropriations Bill.
"We have reached an agreement with @nassnigeria to submit #Budget2018 by Oct 2017, and have it passed into law by Dec 2017"
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