Acting President Yemi Osinbajo finally signs the 2017 Budget
Acting President Yemi Osinbajo has finally signed the 2017 Appropriation Bill into law.
Osinbajo made the announcement via Twitter on Monday, June 12.
I just signed 2017 Budget into law. It’s an important milestone in our economic recovery & growth plan laid in April by President Buhari.
— Prof Yemi Osinbajo (@ProfOsinbajo) June 12, 2017
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.