Minister of Budget and National Planning, Senator Udo Udoma confirmed this saying the Nigerian government is yet to conclude talks with the legislature on the 2016 budget.
The minister disclosed this while speaking with reporters after the Federal Executive Council (FEC) meeting on Wednesday.
President Muhammadu Buhari on Wednesday met with members of the Federal Executive Council (FEC) to discuss the state of the nation.
The no date decision of signing the bill has dashed the hopes of many Nigerians who were expecting the bill to be signed into law.
The decision was taken after negotiations with the federal lawmakers at the Federal Executive Council (FEC) meeting, which held at the presidential Villa in Abuja, presided over by president Muhammadu Buhari.
Nigeria’s budget has been held up for months as Buhari had to withdraw his original bill, which set spending at a record $30 billion, in January, due to an unrealistic oil price assumption and flaws in the draft.
Lawmakers approved an amended bill last month but said last week they would hold new talks with the government to discuss “areas of concern” after the media reported disputes over details.
Buhari hopes the bill will revive the economy hit by a slump in oil prices but officials have left open how it would be funded. The government has said it might sell Chinese Panda bonds or get a loan deal from China and the World Bank, Tv360 gathered.
Meanwhile the government has set out the timetable for the 2017 budget, explaining that this was done to ensure early delivery of next year’s expenditure estimates.
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