Nigeria’s parliament might need another week to work out details of the 2016 record budget bill passed last week, a senior lawmaker said on Wednesday.

Reuters reports that the budget for Africa’s top oil producer has been delayed for months as President Muhammadu Buhari had to withdraw in January his $30 billion bill due to an unrealistic oil price assumption and flaws in the draft.

Last week lawmakers approved an amended bill but Buhari has not signed it yet as parliament has so far only sent highlights of the budget to his office, but no details, a government official told Reuters on Tuesday.

Abdulmuminu Jibrin, chairman of the House of Representatives’ budget committee, said lawmakers needed more time to make sure the draft this time contained no mistakes.

“In view of the inconsistencies, errors, omissions … that characterized the 2016 budget, it would be unpatriotic of the National Assembly to forward the budget details without being extra-careful, meticulous and cautious,” he told reporters.

“In any case, the budget details are usually sent within a week or two (to the president) after passing the budget,” he said.

Buhari hopes the bill calling for record spending will revive the economy but officials have left it open how it would be funded.

Officials previously suggested up to half of the estimated deficit of 3 trillion naira would be funded through the sale of Eurobonds or loans from China and international agencies. But no such deal has publicly emerged.

Oil revenues, which make up about 70 percent of Nigeria’s income, have slumped, hammering the currency, halting development projects and leaving budget funding uncertain.

In January, Finance Minister Kemi Adeosun Nigeria said Nigeria planned to borrow up to $5 billion from multiple sources, including the Eurobond market, but officials have not provided an update since then.

Nigeria has held exploratory talks with the World Bank and tried to secure funding from the African Development Bank and China’s export bank, but without any apparent result.

http://www.financialwatchngr.com/2016/03/31/national-assembly-might-need-another-week-work-budget-details/

i will never wail...i pray for my country-the prayer of the righteous exalt a nation-jah bless naija

Please anything they want to do, they should do it fast, because Nigerian's needs it.