President Muhammadu Buhari has signed the 2016 budget into law.
The signing comes weeks after horse-trading between the presidency and the national assembly even immediately after the presentation of the budget proposal and its passing into law by the lawmakers.
In December, the budget proposal presented to a joint session of the national assembly by Buhari was N6.07trn. A total of N351bn was for statutory transfers, N2.8trn for recurrent expenditure and N1. 8trn for capital expenditure.
The legislature, based on the recommendation of its committees on appropriation, adopted $38 per barrel crude oil benchmark for the budget, as proposed by the federal government. It also adopted a foreign exchange rate of N197 per dollar as proposed by the government.
It, however, reduced the total budget sum from N6.07trn to N6.06trn: N351bn for statutory transfers, N1.4trn for debt service, N2.6trn for recurrent expenditure, and N1.5trn as capital expenditure.