Osinbajo signs 2017 budget into law saying it is the start of Buhari's economic growth plan

ACTING president Professor Yemi Osinbajo has declared that the 2017 budget he accented to yesterday represents a milestone in the implementation of the economic and growth plan programme put in place by President Muhammadu Buhari.


Yesterday afternoon, Professor Osinbajo signed the 2017Appropriation Bill into law, having been asked to do so by President Buhari who is currently on medical leave in the UK, making the budget legally effective. He signed it inside his conference room in the presence of the chief of staff to president Abba Kyari, senate president Dr Bukola Saraki, the speaker of the House of Representatives Yakubu Dogara and other top government officials.


All in all, the budget had a final figure of N7.44tn ($23.2bn). According to Professor Osinbajo, it had fewer errors than that of last year and is a genuine representation of the redevelopment plan President Buhari has in mind for the country.


Professor Osinbajo said: "This is an important milestone in our economic recovery and growth plan laid down in April by President Muhammadu Buhari. I would like to express my appreciation to the senate president, speaker of the House of Representatives, as well as the entire leadership and members of the National Assembly for completing work on the 2017 Appropriation Bill.


“The process of preparing and processing this bill was much smoother than the 2016 Appropriation Bill. On the executive side, there were no allegations of errors, or mistakes, and there was a significant improvement in the quality of the preparation, as well as the presentation."


He added that there is now an understanding that the government will be submitting the 2018 budget to legislators by October 2017 and the leadership of the National Assembly has committed to working towards the passage of the 2018 budget into law before the end of 2017. According to Professor Osinbajo, the budget has a revenue projection of N5.08trn and an aggregate expenditure of N7.44trn.


Furthermore, he added that the projected fiscal deficit of N2.36trn is to be financed largely by borrowing. According to Professor Osinbajo, the recent improvement in gross domestic product growth and other macro-economic indicators are largely attributable to the strategic implementation of the 2016 budget as well as stronger macroeconomic management and policy coordination.