Nigeria's acting president signs 2017 budget

Comrade Timi Frank

Comrade Timi Frank

Acting President Yemi Osinbajo signing the 2017 Appropriation Act into law at the Presidential Villa in Abuja on Monday (12/6/17).

Acting President Yemi Osinbajo has blamed the increasing cases of agitations across the country on the failure of the political actors to deliver on the basic needs of the people, forcing the people to seek succor in their respective tribal groups. It's an important milestone in our economic recovery & growth plan laid in April by President Buhari.

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 past year, to N7.44 trillion. There is no doubt that our democracy is maturing.

The letter, dated June 10, 2017, hails the 2017 appropriation bill as a representation of "the unity at the highest level of government". The projected fiscal deficit of N2.36 trillion is to be financed largely by borrowing.

Osinbajo also observed that the country's external reserves rose to US$30.28 billion as at June 8, 2017 from US$26.59 billion as at May 31, 2016.

The acting president noted that the economy was already signaling a gradual recovery as growth was headed towards positive territory.

"The executive took the view that the changes fundamentally affected some of our priority programmes and would make implementation extremely hard and in some cases impossible", he said.

"The 2017 budget includes provisions that reflect these priorities".

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.

Lawmakers last month passed the record 7.44 trillion naira ($23.6 billion) budget plan, which is bigger than the 7.298 trillion naira draft spending plan submitted by Buhari in December. The cabal, the source disclosed, blocked the Budget Signing based on claims that President Buhari was returning from his sick leave this week.

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