Nigeria's Buhari finally signs delayed 2018 budget

2018-06-20 20:04
Muhammadu Buhari (File: AFP)

Muhammadu Buhari (File: AFP)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Nigerian President Muhammadu Buhari on Wednesday signed the 2018 budget into law, more than six months after it was first presented to parliament.

Buhari approved the $25bn spending plan, which is designed to boost economic growth after the country's worst recession in over two decades.

He wrote on Twitter that he had signed it "in order not to further slowdown the pace of recovery of our economy, which has doubtlessly been affected by the delay in passing the budget".

But he said he was "concerned" about some of the changes the National Assembly made to the proposals he first presented back in November last year.

"It is my intention to seek to remedy some of the most critical of these issues through a supplementary and/or amendment budget which I hope the National Assembly will be able to expeditiously consider," he added.

Delays in passing government budgets have become a feature in Nigeria but experts said it had already done damage.

"The economy has been operating rather in a rudderless manner," said economist Eze Onyekpere, from the Centre for Social Justice in Abuja.

Though the budget looks large, Nigeria does not always follow through on its capital expenditure plans, warned Razia Khan, Africa economist at Standard Chartered Bank, in a note.

"Through successive governments, this is where Nigeria's record has been especially poor," Khan said.

"There is no reason to assume this time around that all of the spending plans will necessarily be executed."

Buhari, 75, is seeking a second term in office at elections scheduled for February next year.

Khan said the vote will also detract from efforts to diversify Nigeria's economy away from its dependence on oil.

* Sign up to News24's top Africa news in your inbox: SUBSCRIBE TO THE HELLO AFRICA NEWSLETTER

FOLLOW News24 Africa on Twitter and Facebook

Read more on:    muhammadu buhari  |  nigeria  |  west africa

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

Inside News24

Traffic Alerts

Jobs in Cape Town [change area]

Jobs in Western Cape region

Cluster Financial Manager

Cape Town
Network Finance
R950 000.00 - R1 000 000.00 Per Year

Reporting Accountant

Cape Town
Network Finance Professional / Prudential
R310 000.00 - R360 000.00 Per Year

IT Manager (contract)

Cape Town CBD
Communicate Cape Town IT
R330 000.00 - R458 000.00 Per Year

Property [change area]

There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.