Nigerian president signs $29 billion 2019 budget into law ahead of inauguration

President Buhari signs N8.9 trillion ($29 billion) budget for 2019 into law.
The 2019 budget is placed on 2.3 million barrels production per day and at a global price of $60/barrel.
The economy is also expected to grow at 3.01% in 2019.

Nigerian President Muhammadu Buhari has signed N8.9 trillion ($29 billion) budget for 2019 into law ahead of May 29 inauguration.

The signing of the 2019 budget which was approved by the parliament last week took place at the mini-conference hall at the State House, Abuja, the nation's capital on Monday.

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The budget was jerked up by about N10 billion by the parliament from N8.83trillion to N8.92trillion. The increase, the parliamentarians explained that it will boost expenditure on security to help the government combat rising militancy and kidnapping in Africa's most populous nation.

The highlights of the 2019 budget:

Crude production of 2.3 million barrels production per day.
Assumed oil price of $60 per barrel
Exchange rate of N305 to the dollar – the official market value of the local currency
Inflation Rate of 9.98%.
A projected Real GDP growth of 3.01%

ALSO READ: Nigeria to spend $29 billion in 2019 as lawmakers make provision for unforeseen security challenges

The Nigerian economy has been projected to grow by '3.01% this year after recording positive growth of 1.93% in 2018 amid recovery global oil prices and production.

On Wednesday, President Muhammadu Buhari will be inaugurated for another four-year term after winning re-election in February riding on the promise to revive the economy, improve security and tackle corruption.