Nigeria’s 7.44 trillion naira ($24.45 billion) 2017 budget is still being deliberated upon by the presidency and lawmakers, nearly three weeks after the budget was passed says a government official.
The budget aims to bring the OPEC member state out of the recession caused by low global oil prices that have slashed government revenue, devalued the naira currency and has caused chronic dollar shortages.
Both chambers of parliament agreed to a bigger budget than the 7.298 trillion naira draft spending plan submitted by President Muhammadu Buhari in December.
The budget is expected to be signed by the acting president Yemi Osinbajo in the absence of President Muhammadu Buhari who is out of the country on medical leave.
“There are ongoing consultations between the executive and the legislature over the budget. Consultations have not been concluded,” said Ita Enang, senior special assistant to the president on Senate matters, without giving details.
Gross domestic product in Nigeria, which is in its second year of recession, shrank 0.52 percent year-on-year in the first quarter.