By Felix Onuah
Approved by lawmakers last month, 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.
Nigeria’s economy, the largest in Africa, grew by 1.93% last year, its fastest pace since a recession two years earlier which was caused by the impact of low oil prices. The continent’s top oil producer relies on crude sales for about 90 percent of its foreign exchange.
The planned deficit of 1.9 trillion naira represents 1.37% of GDP.
Buhari is due to be inaugurated for a second four-year term on Wednesday. He won re-election in February after pledging to revive the economy, improve security and tackle corruption.
Last month the upper house of parliament increased the budget by 80 billion naira to 8.9 trillion naira, up from the 8.83 trillion naira presented by Buhari to lawmakers last year. (Writing by Alexis Akwagyiram Editing by Mark Heinrich) DM
In other news...
July 18 marks Nelson Mandela day. All over the country, South African citizens devote 67 minutes to charitable causes in memory of Madiba. It's a great initiative and one of those few occasions in South Africa where we come together as a nation in pursuit of a common cause. An annual 67 minutes isn't going to cut it though.
In the words of Madiba: "A critical, independent and investigative free press is the lifeblood of any democracy."
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Reindeer can see UV light.