Nigeria: Budget will be passed by end of March

Nigerian President Muhammadu Buhari

Hoped that budget would help pull COUNTRY out of recession

Nigerian lawmakers are working to pass the 2017 budget by the end of March, the president of the upper house of parliament, Bukola Saraki, said on Tuesday, following a meeting with President Muhammadu Buhari.

The budget lays out plans to pull Africa’s largest economy out of the recession, which was largely caused by low global oil prices.

The Buhari administration has been facing rising disenchantment over its handling of Nigeria’s economy. The budget – a record US$23.21 billion was presented to lawmakers in December.

“This month is our deadline to finish work on the budget and return it to the executive, we are working very hard to ensure we meet that deadline.”

The budget must be approved by lawmakers before the president can sign it into law.

The 2016 budget became law in May last year after being delayed by several weeks of wrangling between the administration and the Senate.