Acting President Goodluck Jonathan has approved a N4.6 trillion budget for 2010.
The budget, according to Reuters increases expenditure by 50 percent from last year as the country tries to spend its way out of a downturn.

”It is with a deep sense of responsibility that I sign the 2010 budget for the acceleration of development in our country,” Reuters quoted Jonathan as saying during the signing ceremony in Abuja on Thursday morning.

Also on Thursday, the Acting President signed into law an oil industry local content bill that gives local firms priority in the awarding of oil blocks and license.

”This bill seeks to address the compelling need for us as a nation to have indigenous participation in the industry,” Jonathan said.