Nigeria’s president signs $29 bln 2019 budget into law

ABUJA, May 27 (Reuters) – Nigeria’s President Muhammadu Buhari signed the 2019 budget into law on Monday.

The 8.9 trillion naira ($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 naira to the dollar.

The planned deficit of 1.9 trillion naira represents 1.37% of GDP. (Reporting by Felix Onuah; Writing by Alexis Akwagyiram; editing by John Stonestreet)

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