Nigeria’s President Goodluck Jonathan on Tuesday signed the controversial 2013 appropriation bill into law at a closed door ceremony in his office.
A statement by Presidential spokesman, Dr Reuben Abati, said that President Jonathan signed the bill into law “following consultations and an agreement between the executive and the legislature”.
Dr Abati said the consultations on the appropriation bill were in the best interest of the country.
Based on the understanding reached between the executive and the legislative, the National Assembly will exercise further “legislative action” on the budget “to ensure effective and smooth implementation of the 2013 Appropriation Act in all aspects”.
There had been disagreement between the executive and the federal legislature over benchmarks and provisions of the budget.
The N4.987 trillion budget (US$1=N157) is predicated on crude oil benchmark of US$79 dollars per barrel, US$4 more than the executive projected and an oil production benchmark of 2.526 million barrels per day.