Nigeria's Muhammadu Buhari to sign 2018 budget on Tuesday

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June 16, 2018 5:54 PM

Lai Mohammed, Nigeria's information minister, said the delay would have little effect on government projects.

Nigerian President, Muhammadu Buhari will sign the 2018 Appropriation Act into law on Tuesday, after one month since the Nigerian parliament passed the record N9.1 trillion from N8.612 trillion estimates.

According to Reuters, Lai Mohammed, Minister of Information, disclosed this in London, On Friday, June 15, 2018.

Exactly a month ago, Nigeria’s parliament passed a record 9.12 trillion naira ($28.95 billion) budget for 2018 but it still needs to be returned to Buhari to be signed into law.

“We will sign it off on Tuesday,” Mohammed told Reuters on the sidelines of a visit to London.

Lai Mohammed said he expected the delay would have little effect on government projects.

“Even once a budget is passed, there are still processes, due diligence to be done ... this takes time.”

Also READ: Here's what recently passed appropriation bill means for Nigerians

Last week, the Lagos Chamber of Commerce and Industry, LCCI, decried the delay in the passage of the budget, saying it is a threat to businesses, development and Nigeria’s goal of becoming one of the top 20 economies by 2020.

Muda Yusuf, the Director General of LCCI had said some of the implications of the late passage of the 2018 budget include a slowdown in the economic recovery process by postponing the multiplier effect of government spending.

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