President Buhari signs 2016 budget into law

President Mohammadu Buhari has assented to the 2016 Appropriation Bill, giving way for full implementation of the budget. The signing took place just a moment ago at the presidential Villa, Abuja.

The record 6.06 trillion naira ($30.6 billion) budget triples capital expenditure in Africa's top oil exporter from 2015 and aims to stimulate an economy hit hard by the fall in global crude prices.

Nigeria is facing its biggest economic crisis for years after oil revenues, which make up about 70 percent of national income, slumped along with global crude prices.