Kathmandu, Feb 15 Nepal Prime Minister Sher Bahadur Deuba resigned from his post on Thursday. K.P. Oli will replace him as the 41st Prime Minister of the Himalayan nation later in the day.

Deuba made the announcement during a televised address to the nation.

His government is credited with holding successful elections following the announcement of the new constitution in 2015.

The outgoing Prime Minister will meet President Bidhya Devi Bhandari and hand over his resignation.

His resignation comes 69 days after the Federal and Provincial elections ended.

Deuba, who was elected Prime Minister in 2017, held three successful elections -- local, provincial and federal assemblies.

Oli being the leader of the largest party in the Federal Parliament, with the support of Communist Party of Nepal (CPN Maoist Centre) will take over from Deuba.

Earlier on Thursday, Oli, along with Chairman of the Maoist Center Pushpa Kamal Dahal Prachanda, met Bhandari, as the former claimed the top executive post on the basis of majority votes, the President Office said.

Oli will have to prove his majority in the House within 30 days.

The two communist parties UML (Unified Marxist-Leninist) and Maoist Centre has expedited their unification process which they announced in October 2017.