A lawmaker has revealed that Nigeria is likely to pass the 2017 budget into law before the month of May. The lawmaker who chairs a committee on the spending plans in the upper chamber of parliament made this known to reporters on Monday.
The 2017 budget lays out plans to pull Nigeria out of its first recession for 25 years. The recession which was largely prompted by low global prices for the oil it produces and the impact of attacks on energy facilities in its Niger Delta oil hub in the year 2016.
President Muhammadu Buhari, who has faced criticism from many quarters in the country over his handling of Nigeria’s economy, presented a 7.298 trillion naira ($23.2 billion) budget to lawmakers in December, 2016. The budget must be agreed by lawmakers before the president can sign it into law.
Senator Danjuma Goje, who chairs the budget appropriation committee in the Senate, said last year’s budget – signed into law in May last year after months of wrangling between the presidency and lawmakers – covered a period of 12 months and was technically valid until midnight on May 5.
It was unlikely to have to be extended beyond May of this year, he said.
“I believe before that date, the 2017 budget will be passed,” said Goje.
It is worthy to note that Nigerian lawmakers had previously said they wanted to pass the budget before the end of March.