
Audio By Carbonatix
Nigeria's President Muhammadu Buhari has finally signed into law a budget for 2016 after months of wrangling.
He had refused to approve the 6.08tn-naira ($30.6bn; £21bn) budget amid claims of mismanagement and kickbacks among the officials who drew it up.
The budget triples capital expenditure in Nigeria.
Some 34 projects will get extra spending to help revive the economy, including improvements to power, health, and transport.
"It is a great pleasure to sign the budget. It is a serious article of faith for the Nigerian people," the president said at a ceremony.
"The signing of the budget today will trigger concerted efforts to reflate the Nigerian economy, a key element of which is an immediate injection of 350bn naira into the economy by way of capital projects."
The budget is based on an oil price of $38 per barrel, slightly below the current global market rate of just over $40.
Mr Buhari delayed signing the budget after finding errors in the spending programmes. The former military head of state, who has embarked on a widespread anti-corruption campaign since taking office last May, has claimed some lawmakers removed and replaced spending proposals.
Delays in approving the expansionary budget have added to Nigeria's economic problems of slow growth and high inflation.
In his address, Mr Buhari said Nigeria was "experiencing probably the toughest economic times in the history of our nation".
The government is hoping to diversify the economy, produce more food, revive manufacturing and generate employment to help boost growth.
Infrastructure development is also needed, particularly in roads, housing and power supply for Nigeria's 180 million people.
Latest Stories
-
Guinea-Bissau transporters strike over higher fuel prices
44 minutes -
Iran ceasefire deal a partial win for Trump – but at a high cost
55 minutes -
Oil slides below $100 after Trump announces two-week ceasefire
1 hour -
Madagascar declares state of emergency over energy situation due to Iran war
1 hour -
Ex-Meta worker investigated for downloading 30,000 private Facebook photos
1 hour -
World Bank says Nigerian economy to grow in 2026 but Iran war lifts inflation
2 hours -
Italy’s Eni discovers 2 trillion cubic feet of gas offshore Egypt
4 hours -
South Sudan’s Kiir sacks parliament speaker and deputy
4 hours -
In Ghana Town, a ‘stateless’ future for hundreds born and raised in Gambia
5 hours -
Russia confirms 16 Cameroonian soldiers killed in Ukraine war
5 hours -
USA striker Patrick Agyemang ruled out of World Cup due to injury
5 hours -
Los Angeles Stadium workers urge FIFA to bar ICE from World Cup
5 hours -
Vinicius hails Lamine Yamal for condemning anti-Muslim fan chants
5 hours -
Barcelona’s Flick to defend ’emotional’ teen Lamine Yamal against criticism
5 hours -
FIFA opens disciplinary probe against Spanish FA after Islamaphobic chants
6 hours