From Juliana Taiwo-Obalonye, Abuja

President Yemi Osinbajo finally signed the Appropriation Bill into law at exactly 4.41pm Monday surrounded by principal officers from the National Assembly.

At the signing event were Senate President Bukola Saraki, Speaker of the House of Representatives Yakubu Dogara, the Minister of Budget and National Planning, Senator Udo Udoma and Chief of Staff to the president, Abba Kyari.

Both Senior Special Assistant on National Assembly Matters (Senate) Senator Ita Enang and his counterpart in charge of the House of Representatives Hon. Usumiala Kao presented the Appropriation Bill to the Acting President at exactly 4:41pm.

Osinbajo later signed the N7.441 trillion 2017 Budget, christened Budget of Growth and Recovery which was approved by the National Assembly on May 11, raising it from N7.298 trillion to N7.441 trillion. The budget was submitted to the Presidency on May 19.

With the signing of the 2017 Budget, the federal government will authorize the issue from the Consolidated Revenue Fund of the Federation of the total sum of N7.441,175,486,758.

Of that amount N438,412,952,249 will be for statutory transfers. N1.841,345,727,206 will be for debt service. N177,416,296,707 will be for a Sinking Fund for maturing bonds. N2.987,550,3436 will be for recurrent non-debt expenditure while the sum of N2.177,866,775,867 will be for contribution to the Development Fund for capital expenditure exclusive of capital expenditure in statutory transfers for the year ending on 31st December 2017.

In his remarks shortly after signing the document, Osinbajo said the executive will be returning to the legislature for an upward review of the budget by way of virement.

Other principal officers from the National Assembly present were Deputy Senate President Ike Ekweremamdu, Senate Majority Leader, Ahmed Lawan, Danjuma Goje, Senate Chairman Appropriation Committee, Femi Gbajabiamila, Chairman Appropriation Committee, Senator Philip Aduda among others.

Others who witnessed the signing were Deputy Chief of Staff, Ade Ikpaye, Head of the Civil Service of the Federation, Winifired Oyo-Ita, Acting Secretary to the Government of the Federation, Habiba Lawal, ministers, heads of key government agencies, presidential aides among others.