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President Muhammamu Buhari on Friday at the Federal Capital Territory, Abuja, signed the 2016 Appropriation bill into law putting an end to the controversies that rocked the 2016 budget.
The latest development is coming few hours after the National Assembly submitted a corrected copy of the budget to the President.
Recall in December 2015, the budget proposal presented to a joint session of the National Assembly by Buhari was N6.07trn. A total of N351bn was for statutory transfers, N2.8trn for recurrent expenditure and N1. 8trn for capital expenditure.
The legislature, based on the recommendation of its committees on appropriation, adopted $38 per barrel crude oil benchmark for the budget, as proposed by the federal government. It also adopted a foreign exchange rate of N197 per dollar as proposed by the government.
It, however, reduced the total budget sum from N6.07trn to N6.06trn: N351bn for statutory transfers, N1.4trn for debt service, N2.6trn for recurrent expenditure, and N1.5trn as capital expenditure.
Meanwhile top government officials who were present when the President put pen to paper on the budget were the Vice President Yemi Osinbajo, Senate President, Bukola, Saraki and Speaker of the House of Representatives Yakubu Dogara.
Others were the Minister of Budget and National Planning, Udoma Udo Udoma, Minister of Finance, Kemi Adeosun, Minister of State for Budget and National Planning, Zainab Ahmed, Senior Special Assistant to the President on National Assembly Matters (Senate), Ita Enang, Senior Special Assistant to the President on National Assembly Matters (House of Representatives), Samaila Kawo, National Chairman of the All Progressives Congress (APC), John Odigie-Oyegun, Chairman Senate Committee on Appropriation, Danjuma Goje and Chairman House of Reps Committee on Appropriation, Abdulmumuni Jubril.
With the signing of the 2016 budget it is believed that the Nigeria economy as well as the standard of living of the Nigerian citizens will improve in the coming days.