• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Economy Budget

The signed 2019 Budget is a Democracy Day gift, but there’s trouble ahead

Bamidele Samuel Adesoji by Bamidele Samuel Adesoji
May 28, 2019
in Budget, Business News, Politics, Spotlight
Nigeria's recession period, Buhari Ministerial list, Buhari ask for more time, Nigeria's economy - growth, Buhari food forex, CBN Policies

President Muhammadu Buhari

Share on FacebookShare on TwitterShare on Linkedin

Ahead of the official swearing-in ceremonies for the newly-elected political office holders as well as the celebration of the new Democracy Day on June 12, President Muhammadu Buhari gave Nigerians the perfect gift when he appended his signature to the 2019 appropriation bill.

The President signed the N8.91 trillion Budget into law in the early hours on Monday, at a ceremony held at the Presidential Villa in Abuja. Note that the signing of the budget comes just less than two weeks after the Nigerian Senate passed the Public Holiday Act Amendment Bill to recognise June 12 as the new Democracy Day.

PHOTOS: President @MBuhari signs 2019 Budget into Law at the State House; 27th May 2019. Present are VP @ProfOsinbajo; SP @bukolasaraki; Speaker @YakubDogara, among others. #AsoVillaToday

📷: @BayoOmoboriowo pic.twitter.com/AgBiMDubBo

— Presidency Nigeria (@NGRPresident) May 27, 2019

RelatedStories

E-Gates installation at Abuja International Airport now 100% complete – Interior Minister 

FG declares Thursday a public holiday to mark Democracy Day 

June 8, 2025
NLC, TARIFF

Nationwide strike: Presidency accuses NLC, TUC of abuse of privilege and power

November 14, 2023

2019 Budget by Numbers: Yesterday’s signing of the 2019 budget makes it about five months since the President first presented it before a joint session of the National Assembly.

Earlier, the President presented N8.906 trillion budget for the 2019 fiscal year. The budget was predicated on $60 per barrel of oil benchmark at 2.3m litres per day, exchange rate of N305 to $1, a GDP growth rate of 3.01 percent, and an inflation rate of 9.98 percent. However, when the appropriation bill got to the floor of the National Assembly last month, the budget was raised from N8.906 trillion to N8.916 ‎trillion.

  • The sum of N2.094 trillion was allocated to capital expenditure,
  • Recurrent expenditure got N4.055 trillion
  • Statutory transfers N502 billion
  • Fiscal deficit was raised to N1.908 trillion
  • Special intervention fund N500 billion

The President originally proposed a total expenditure of N8.83 trillion to @nassnigeria for appropriation.
The Bill passed by NASS 2019 and signed into Law today provides for a total of N8.92 trillion, an increase of N90.33 billion over the original submission. #Budget2019

— Presidency Nigeria (@NGRPresident) May 27, 2019

An upturn in the economy: The signing of the 2019 budget must mean a lot to Nigerians. Despite the Presidency’s earlier dismissal of reports that many projects have been halted due to delay in the signing of the 2019 budget, the approval of the budget is expected to send some excitements to both local and foreign investors, thereby catalysing economic activities.

Below are some highlights of the trickle-down effects of the budget:

  • The approval budget implementation would ease up the economy, by clearing policy uncertainties repelling investors
  • Capital expenditure on infrastructures will move into full swings following the implementation
  • Lastly, this will trickle down on business activities, as more funds enter into the circulation for use by economic agents, which will spur productivity.

Some critical downside: Prior to signing the budget, President Buhari expressed some concerns when he noted that the N90 billion adjustment to the budget by the National Assembly could affect its smooth implementation.

“Of course, some of these changes will adversely impact our programmes, making it difficult for us to achieve the objectives of the Economic Recovery and Growth Plan.

“Although I will be signing this bill, it is my intention to engage the National Assembly to ensure we deliver on our promises.” -Buhari

More troubles ahead: Workers, particularly, the civil servants, must have greeted the development with a great sigh of relief, as the new N30,000 minimum wage is now expected to go into full swing.  However, the same cannot be said for State Governors who must be having difficult times trying to figure out how to implement the new national minimum wage.

Recall that the Minister of Labour and Employment, Senator Chris Ngige, stated on Sunday that the signing of the budget is what stands between new minimum wage and its implementation.

According to Ngige, state Governors may get into serious trade disputes if the new wage implementation is not strategically handled. He further stated that Governors must pay salary arrears because the new wage already started on April 18th.

In conclusion, it should be noted that even though the President’s signing of the 2019 appropriation bill is a positive development, trouble looms as State Governors and the organised labour could clash over the implementation of the new minimum wage.


Follow us for Breaking News and Market Intelligence.
Tags: 2019 budgetBuhari signs budgetDemocracy dayNigeria Labour Congress (NLC)Nigeria's 2019 budget
Bamidele Samuel Adesoji

Bamidele Samuel Adesoji

Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

Related Posts

E-Gates installation at Abuja International Airport now 100% complete – Interior Minister 
Business News

FG declares Thursday a public holiday to mark Democracy Day 

June 8, 2025
NLC, TARIFF
Business

Nationwide strike: Presidency accuses NLC, TUC of abuse of privilege and power

November 14, 2023
NLC, TUC nationwide strike.
Breaking News

NLC, TUC commence nationwide strike midnight today

November 13, 2023
NLC, TARIFF
Breaking News

NLC, TUC declare nationwide indefinite strike from Tuesday, October 3

September 26, 2023
NLC, Mr. Joe Ajaero
Breaking News

NLC threatens fresh indefinite strike over petrol price increase

August 14, 2023
NLC, TUC nationwide strike.
Business

NLC insists nationwide protests will go on, IGP says no room for violent protests

August 1, 2023
Next Post
Licensed Micro-finance Banks

CBN’s Wholesale FX Auction Pressures Money Market Rates Higher

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • Air India’s London-bound Boeing jet crashes after takeoff, dozens perish 
  • Top ten of Nigeria’s trading partners by import value in Q1 2025 
  • NNPC Ltd eyes four major FIDs by 2025, posts N5.89 trillion revenue in April 

Follow us on social media:

Recent News

Air India’s London-bound Boeing jet crashes after takeoff, dozens perish 

Air India’s London-bound Boeing jet crashes after takeoff, dozens perish 

June 12, 2025
Nigerian Imports,Drugs

Top ten of Nigeria’s trading partners by import value in Q1 2025 

June 12, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics