Nigeria's acting president signs 2017 budget

By Rafiu Ajakaye

LAGOS, Nigeria

Nigeria’s Acting President Yemi Osinbajo on Monday assented to the country's 2017 budget, exactly one month after the parliament passed the $24.3 billion fiscal plan that the executive hopes will take the economy out of recession.

“I just signed the 2017 Budget into law. It's an important milestone in our economic recovery and growth plan laid in April by President [Muhammadu] Buhari,” Osinbajo said, thanking the parliament for its support.

"The bleakness of recession is about to witness the uplifting dawn of abundance,” the acting leader added.

Dousing political tensions regarding Osinbajo's ability to exercise executive powers, the signing comes hours after the ailing Buhari, in London for medical reasons, wrote to his deputy to assent to the budget in the interest of the economy.

While presenting the budget last year December, Buhari had said the plan was predicated on an oil benchmark of $42.5 per barrel, an estimate of 2.2 million barrels production per day and an exchange rate of 305 naira to the dollar.