Nigeria's Buhari needs more time to sign 2016 budget: minister - CNBC Africa

Nigeria's Buhari needs more time to sign 2016 budget: minister

Western Africa

by Reuters 0

The budget for Africa's top oil producer has been held up for months as Buhari had to withdraw his original bill. Photo: Wikimedia.

Nigeria's President Muhammadu Buhari needs more time to check the 2016 budget bill before signing it, a government minister said on Wednesday, signaling further delays before the legislation takes effect.

The budget for Africa's top oil producer has been held up for months as Buhari had to withdraw his original bill, which set spending at a record $30 billion, in January, due to an unrealistic oil price assumption and flaws in the draft.

Lawmakers approved an amended bill last month but said last week they would hold new talks with the government to discuss "areas of concern" after local media reported disputes over details.

"On the 2016 budget we are still talking," Udoma Udo Udoma, minister for budget and national planning told reporters. He declined further comment.

Buhari hopes the bill will revive the economy hit by a slump in oil prices but officials have left open how it would be funded. The government has said it might sell Chinese Panda bonds or get a loan deal from China and the World Bank.

 

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