President Buhari signs Nigeria's USD 29 billion 2019 budget into law

Nigeria's President Muhammadu Buhari signed the 2019 budget into law on Monday. The 8.9 trillion nairas ($29 bln) budget, approved by lawmakers last month, is based on estimated crude production of 2.3 million barrels a day, an assumed oil price of $60 per barrel and an exchange rate of 305 nairas to the dollar. The planned deficit of 1.9 trillion nairas represents 1.37% of GDP.