Bloomberg- Nigerian Senate Approves $31.7 Billion Budget, 17% Bigger Than Before - Politics - Nairaland
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| Bloomberg- Nigerian Senate Approves $31.7 Billion Budget, 17% Bigger Than Before by Kobojunkie: 8:32am On Mar 19, 2011 |
[size=13pt]Nigerian Senate Approves $31.7 Billion 2011 Budget, 17% Bigger Than Before[/size] http://www.bloomberg.com/news/2011-03-16/nigeria-s-senate-approves-4-97-trillion-naira-2011-budget-1-.html Nigeria’s Senate passed a 4.97 trillion-naira ($31.8 billion) budget for the 2011 fiscal year, 17 percent more than what President Goodluck Jonathan proposed in December. Africa’s top oil producer is basing its spending plans on crude output of 2.3 million barrels a day, an oil price of $75 a barrel, $10 more than was originally in Jonathan’s budget, and an exchange rate of 150 naira to a dollar. Jonathan must sign the plan before it becomes law. The budget includes 2.47 trillion naira for recurrent spending and 1.56 trillion naira for capital projects, Senate President David Mark said in parliament today in the capital, Abuja. Statutory transfers to government agencies will account for 496.6 billion naira, and 445.1 billion naira will go toward servicing the debt. The government is determined “to establish and strengthen sound macroeconomic environment” and “to facilitate private sector growth, boost employment generation and ensure wealth creation,” said Iyiola Omisore, the chairman of the Senate Committee on Appropriation and Finance. The budget deficit will narrow to 3.62 percent of gross domestic product, he said, from 6 percent in last year’s 5.16 trillion-naira spending plan. Oil provides Nigeria more than 80 percent of its revenue. Power Investment The government plans to invest in infrastructure projects, including power and railways, that will help create employment in Africa’s most populous nation, Jonathan said on Dec. 15. Sub-Saharan Africa’s second-biggest economy should expand by 7.98 percent in 2011, up from 7.85 percent last year, according to the National Bureau of Statistics. The 7 percent GDP growth is achievable as oil output continues to rise, Bismarck Rewane, chief executive officer of Lagos-based fund manager, Financial Derivatives Co. Ltd., said by phone today. |
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