Nigerian president signs $29 bln 2019 budget into law

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Felix Onuah

ABUJA – Nigerian President Muhammadu Buhari signed an 8.9 trillion naira ($29 billion) budget for 2019 into law on Monday.

Approved by lawmakers last month, the budget is based on estimated oil production of 2.3 million barrels a day, an assumed crude price of $60 per barrel and an exchange rate of 305 naira to the dollar.

Nigeria’s economy, the largest in Africa, grew by 1.93% last year, its fastest pace since a recession two years earlier which was caused by the impact of low oil prices. The continent’s top oil producer relies on crude sales for about 90 percent of its foreign exchange. [nL5N2071YG]

The planned deficit of 1.9 trillion naira represents 1.37% of GDP.

Buhari is due to be inaugurated for a second four-year term on Wednesday. He won re-election in February after pledging to revive the economy, improve security and tackle corruption. [nL5N20M2MS]

Last month the upper house of parliament increased the budget by 80 billion naira to 8.9 trillion naira, up from the 8.83 trillion naira presented by Buhari to lawmakers last year.

Writing by Alexis Akwagyiram; Editing by Mark Heinrich

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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