Nigerian President Mohammadu has frowned at the manner the National Assembly increased the 2019 budget to accommodate new projects not initiated by the executive.
The president signed the 8.9 trillion naira budget approved by the parliament into law and promised to consult with the leadership of National Assembly which will emerge after his second term inauguration on May 29.
This year's budget is based on estimated oil production of 2.3 million barrels a day, an assumed crude price of $60 per barrel and an exchange rate of 305 naira to the dollar.
Nigeria’s economy, the largest in Africa, grew by 1.93 percent last year, its fastest pace since a recession two years earlier which was caused by the impact of low oil prices.
The continent’s top oil producer relies on crude sales for about 90 percent of its foreign exchange.
The planned deficit of 1.9 trillion naira represents 1.37 percent of GDP.
ty and tackle corruption.
Last month the upper house of parliament increased the budget by 80 billion naira to 8.9 trillion naira, up from the 8.83 trillion naira presented by Buhari to lawmakers last year.
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