Nigerian president signs $41.8 billion budget into law

By Felix Onuah

© Reuters/Gonzalo Fuentes
Paris Peace Forum

ABUJA (Reuters) – Nigerian President Muhammadu Buhari on Friday signed into law the 2022 national budget of 17.13 trillion naira ($41.8 billion), though he said some changes made to his proposal by lawmakers were “worrisome”.

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Last week, lawmakers increased Buhari’s initial spending plans, with the budget now assuming annual economic growth of 4.2%, crude production of 1.88 million barrels a day and an assumed price of $62 a barrel.

Some of the changes took money away from projects targeted by the government, said Buhari, who promised to bring an amendment to the budget before parliament in the new year.

“It is in this regard that I must express my reservations about many of the changes that the National Assembly has made to the 2022 executive budget proposal,” Buhari said after signing it.

In Nigeria, it is not uncommon for parliamentarians to make changes to a budget presented by the president.

Next year’s budget is the last full-year budget that will be implemented by the government of Buhari, who has to step down after an election set for February 2023 after serving two full terms, according to the country’s constitution.

Buhari has made upgrading transport networks and outdated power grids the pillar of his administration, with a view to boosting agriculture and other non-oil industries to cut dependence on dwindling crude revenues. Funding, however, has been a major constraint.

(Writing by MacDonald Dzirutwe; Editing by Alex Richardson)