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Nigeria parliament could approve 2017 budget on Thursday

Nigeria parliament could approve 2017 budget on Thursday

Nigeria

Nigeria’s senate president says lawmakers in the country will consider this year’s budget on Thursday and possibly approve the spending plan before it is made into law.

The record 7.298 trillion naira ($22.24 billion) budget was presented by President Muhammadu Buhari in December but was received by the Senate on Tuesday, after some delays.

“We will send out copies to you (senators) and the report will be considered on Thursday,” said Senate President Bukola Saraki.

A document published by the lower house, which also has yet to approve the budget’s contents, on Tuesday said the spending plan now totalled 7.44 trillion naira.

Last year’s budget which was passed in May 2016, was delayed for months due to disagreements between lawmakers and the presidency.

This further deepened the country’s recession now in its second year, brought on by low oil prices which have slashed government revenues, weakened the naira and caused chronic dollar shortages.

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