Tuesday, June 13, 2017

Video - Nigerian Vice President signs $23.6 billion spending plan into law

Nigeria's acting president has signed the 2017 budget into law, as Abuja plans record spending to pull Africa's biggest economy out of recession. The OPEC member has been in recession since last year, largely due to falling oil prices and militant attacks on the country's Niger Delta energy facilities. Oil sales amount to two-thirds of the government's revenue. Vice President Yemi Osinbajo is standing in for President Muhammadu Buhari, who has been on medical leave in Britain since May 7, his second prolonged absence this year. Buhari's medical condition is unclear. Lawmakers last month passed the record $23.6 billion budget plan, which is bigger than the spending plan submitted by Buhari in December.

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