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Nigeria's Buhari to sign 2018 budget on Wednesday

Nigeria's Buhari to sign 2018 budget on Wednesday

Nigeria

resident Muhammadu Buhari will sign the 2018 Appropriation Act into law on Wednesday after months of delays.

Last month, Parliament approved a $25 billion budget for this year and sent it back to Buhari to assent. That’s 5.8 percent bigger than what Buhari presented to them in November and a fifth more than last year’s spending plan.

The bulk of the nation’s budget is intended to stimulate economic growth before the February elections and after a contraction in 2016.

Africa’s top oil producer emerged from its first recession in 2017, helped by higher crude prices, but growth remains fragile. The recession was largely caused by low crude prices and militant attacks on energy facilities, since oil sales make up two-thirds of government revenue.

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