Wednesday, 8 November 2017

Nigeria plans record spending in 2018 to nurture growth.

The Nation
ABUJA (Reuters) - Nigerian President Muhammadu Buhari presented a record 8.6 trillion naira ($28.16 billion) budget for 2018 on Tuesday to foster shaky growth in Africa’s largest economy as it emerges from its first recession in 25 years.

This is Buhari’s third budget to parliament and like the previous ones, sets a record high level of spending, but analysts say implementation, particularly on capital expenditure that is meant to drive infrastructure development, has been lacking.

“Mostly, I think that they are setting themselves yet more unattainable goals,” said John Ashbourne, Africa economist at Capital Economics.

Reuters Staff.

Full story at Reuters.

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