Nigeria’s President Muhammadu Buhari on Friday licensed right into law the 2016 federal government budget after months of hold-up caused by mistakes as well as disparities in the first budget plan. “It is a great pleasure to sign the budget. It is a serious article of faith for the Nigerian people,” the president said at a ceremony attended by ministers, the Senate president and officials. “The signing of the budget today will trigger concerted efforts to reflate the Nigerian economy, a key element of which is an immediate injection of 350 billion naira into the economy by way of capital projects.” The budget for Nigeria’s oil-dependent economy is based on a price of $38 per barrel, slightly below the current international market rate of just over $40. Buhari delayed signing the budget after finding errors that civil society groups indicated possible graft, such as multiple purchases of the same vehicles, computers and other equipment. The former military head of state, who has embarked on a widespread anti-corruption campaign since taking office last May, has claimed some lawmakers removed and replaced proposals. He has promised to discipline those involved. The delay contributed to the stagnation in Africa’s biggest economy caused by the slump in global oil prices, anxiety investors already cautious about slowing growth and high inflation.
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