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President Muhammadu Buhari has signed the 2016 Appropriation Bill into law. The President signed the delayed 2016 budget at the Presidential Villa with Vice President Yemi Osinbajo, President of the Senate, Senator Bukola Saraki, Speaker of the House of Representatives, Rt. Hon. Yakubu Dogara and Finance Minister, Kemi Adeosun among others as witnesses.
The record 6.06 trillion budget is expected to stimulate the nation’s slowing economy which took a hit as the price of crude oil, Nigeria’s main export, collapsed in the global market.
Speaking after signing the budget into law the President said that N350billion will immediately be injected into the economy by way of capital projects.
The President also said that N200billion was earmarked for roads infrastructure. Other witnesses to the budget signing ceremony were the Minister of Budget and National Planning, Udoma Udo Udoma; Minister of Finance, Kemi Adeosun; Minister of State for Budget and National Planning, Zainab Ahmed; Senior Special Assistant to the President on National Assembly Matters (Senate), Ita Enang; Senior Special Assistant to the President on National Assembly Matters (House of Representatives), Samaila Kawo; National Chairman of the All Progressives Congress (APC), John Odigie-Oyegun; Chairman Senate Committee on Appropriation, Danjuma Goje and Chairman House of Reps Committee on Appropriation, Abdulmumuni Jubril.
In his remark after the signing ceremony the President said “It gives me great pleasure today to sign the first full-year budget of this administration into law. I thank the leadership of the National Assembly, in particular, the Senate President and the Speaker of the House of Representatives, and indeed all members of the National Assembly for their cooperation in making this a reality.