Friday, 18 May 2018

Nigeria's parliament passes record 9.12 trln naira 2018 budget.

ABUJA (Reuters) - Nigeria’s parliament passed a record 9.12 trillion naira ($29.8 billion) budget for 2018 on Wednesday aimed at boosting growth in west Africa’s biggest economy nine months before the country’s next presidential election.

Growth remains fragile after Africa’s top crude oil producer last year emerged from its first recession in 25 years. The recession was largely caused by low crude prices and militant attacks on energy facilities since oil sales make up two-thirds of government revenue. 

The total sum laid out in the spending plan passed by the Senate is higher than the 8.6 trillion naira budget presented to parliament by President Muhammadu Buhari in November. 

The budget was passed by the Senate, the upper chamber, and by lawmakers in the lower House of Representatives shortly afterwards. The budget still needs to be returned to Buhari to be signed into law.

By Camillus Eboh.
Full story at Reuters.

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