Acting President Professor Yemi Osinbajo failed to sign the 2017 Federal Budget on Thursday as expected. The budget which was passed by the National Assembly about two weeks ago (May 11, 2017) requires the signature of the president to come into force.
The News Agency of Nigeria explains these might be the reasons why the budget is yet to be signed.
- The official attributed it to the extensive consultations between the presidency and ministers, on one hand and National Assembly members on the other.
- Some of the ministers were clamouring for some changes in the budget, as the final figures approved by the National Assembly were much lower than what the President submitted.
- According to Senator Ita Enang, senior special assistant to the president on Senate matters, who spoke to Reuters, he explained thus; “There are ongoing consultations between the executive and the legislature over the budget. Consultations have not been concluded,” Senator Ita Enang, senior special assistant to the president on Senate matters told Reuters.
The government similarly passed the 2016 Budget late in May 2016 as the government was embroiled in a budget padding scandal between the executive and legislature. Federal Budget are typically relied upon to inject liquidity into the economy as it sets the stage for how the private sector allocates its resources.