Nigeria's recession to continue as constitutional crises lords over the 2017 budget
Labels: National News
The 2016 budget, which has its life (especially the capital expenditure) extended to May 5, 2017, will expire this week, thus placing a huge encumbrance on government spending.
Investigations revealed that though the law permits the government to spend revenue up to six months, there is no guarantee that the President can assent the new budget in the next one month.
A lawmaker was quoted to say: “Even if the budget is passed this week, there is no guarantee that the executive will not pick issues with the document as it has always happened and then the issues would drag for upward of two months.”
But a senator who spoke in confidence, clarified that it was actually possible the budget was passed this week, even as he noted that the President usually had 30 days to assent to bills or veto them.
“If that happens, the whole constitutionally allowed window of six months would have been exhausted,’’ the senator said.