President Muhammadu Buhari has, on Monday, signed an N8.9 trillion ($29 billion) budget for 2019 into law.

The budget is based on estimated oil production of 2.3 million barrels a day, an assumed crude price of $60 per barrel and an exchange rate of 305 naira to the dollar.

The budget was signed in the presence of the speaker of the House of Representatives, Yakubu Dogara, the Deputy Senate President, Ike Ekweremadu, and the chairman, Senate Committee on Appropriation, Danjuma Goje.

Recall that the two chambers of the National Assembly last month passed the budget at N8.916 trillion, up from N8.826 trillion submitted by Mr Buhari in December last year.