The Nigerian Senate has received the 2017 budget report after much delay.
The budget had been expected to be passed last week, before May 5, when the 2016 budget officially expired.
Meanwhile, Vice President, Yemi Osinbajo will expectedly sign the 2017 budget into law due to the absence of President Muhammadu Buhari.
Abdulmunin Jibrin, suspended member of the house of reps, had raised allegations that the leadership of the house had increased the appropriation bill for their own personal interest.
President Buhari had transmitted a letter to the National Assembly as required by the Constitution, informing the legislative arm of his plan to travel overseas on medical grounds.
The document was supposed to be presented on Thursday but it was postponed to this week to enable the committees of appropriation in the senate and house of representatives to make final edits.
Gold futures settle higher as equities traded lower
Spot gold traded down about $5 per ounce to about $1,220/oz, extending a slump that dates back to the beginning of last week. Currency influences remained mixed in early Euro with some EUR/USD selling after the failure to hold above the 1.1000 level.
In his remarks, Senate President Bukola Saraki, commended the committee for a job well done.
Saraki said this is the first time the appropriation bill will be presented with details.
Chairman of the Senate Commitee on Appropriation, Senator Danjuma Goje laid the report this morning and it was seconded by Senator Sonni Ogbuoji.
The deadline was missed, thereby delaying the budget till today Tuesday, May 9.
Barring unforeseen development, the upper chamber of the National Assembly has made it known that it will ensure the passage of the 2017 budget on Thursday.
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