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Buhari yet to approve 2016 budget after months of delays

Buhari yet to approve 2016 budget after months of delays

Nigeria

Nigeria’s 2016 budget is set to suffer further delays as President Buhari is not yet ready to sign it.

A government Minister on Wednesday said President Muhammadu Buhari needs more time to check the 2016 budget bill before approving it.

The budget has been held up for months as Buhari had to withdraw his original bill, which set spending at a record $30 billion, in January, due to unrealistic oil price assumptions and flaws in the draft and reports by local media on disputes over details.

On the 2016 budget we are still talking.

Lawmakers approved an amended bill last month but said last week that they would hold new talks with the government to discuss “areas of concern.”

“On the 2016 budget we are still talking,” Udoma Udo Udoma, Minister for Budget and National Planning told reporters.

He however declined further comment.

Buhari hopes the bill will revive the economy hit by a slump in oil prices but officials have left open how it would be funded.

The government has said it might sell Chinese Panda bonds or get a loan deal from China and the World Bank.

Reuters