ABUJA, JUNE 20, 2018 – President Muhammadu Buhari signed a record 9.12 trillion naira ($29.00 billion) 2018 budget into law on Wednesday but said it required changes he would seek through a supplementary spending plan.
Buhari is pushing to boost growth in west Africa’s biggest economy before an election next February in which he will seek a second term.
Nigeria’s parliament, the National Assembly, passed the budget last month. The total sum is higher than the 8.6 trillion naira spending plan presented to parliament by Buhari in November because lawmakers increased the assumed oil price to $51 per barrel from $45.
Buhari, on his official Twitter feed, confirmed that he had signed the spending plan but said there would be a need for further changes.
“I am however concerned about some of the changes @nassnigeria (National Assembly) has made to the budget proposals I presented,” he wrote.
“However, 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 said in another tweet.
Nigeria, Africa’s top oil producer, emerged from its first recession in 25 years in 2017, helped by higher crude prices, but growth remains fragile.
The recession was largely caused by low crude prices and militant attacks on energy facilities since oil sales make up two-thirds of government revenue.
