6 May 2016
After a lengthy and topsy-turvy process characterized by a number of plots and schemes infused with a week-long scandal and back and forth accusations between the legislative and executive arm of Nigeria’s government, the 2016 Budget was this afternoon signed into law by President Muhammadu Buhari.
The signing is reported to have taken place at the Presidential Villa in the presence of the Vice President, Professor Yemi Osinbajo as well as the Chairmen of the National Assembly appropriation committee following a presentation of a final clean copy of the budget to the President from the National Assembly.
The President had initially refused signing the budget weeks before due to certain proposals which were changed and removed. That action resulted in a nationwide controversy that pitted two of the governing arms of the country against each another.
The signing of the budget has already been met with much relief from various quarters. Over thirty points have already been highlighted by the Buhari Administration as the Implementation Strategy for the Budget.
Some of the plans will involve working alongside foreign and private partners to ensure that every programme is effectively and efficiently carried out for the good of the economy. Although most of the funds that will be used to implement most of the programmes do not seem to completely be in place, much of the foreign investments resulting from Buhari’s China work visit and agreement is hoped to help.
The President has also been requesting the refund of stolen funds looted during the Abacha regime which is yet to be returned to the country. He has solicited support from the EU and the World Bank, among others, to help facilitate the immediate return of the funds which will be increasingly helpful in boosting the falling Nigerian economy and will help in implementing the 2016 budget.
Author: Aderonke Adeleke
Writer. Music lover. Movie junkie. Social Media Enthusiast. Aspiring dancer. Aspiring photographer. Social Introvert.