Nigeria Politics

Nigeria president presents $28.8 bn 2019 budget to parliament

Nigerian President Muhammadu Buhari presented a 8.83 trillion naira ($28.80 billion) budget for 2019 to parliament on Wednesday, and laid out a plan to drive growth two months before elections.

The spending plan for Africa’s top oil producer assumes crude production of 2.3 million barrels a day, an oil price of $60 per barrel and an exchange rate of 305 naira to the dollar.

Buhari’s handling of the economy – which emerged from its first recession in 25 years this year but remains sluggish – has become a campaign issue.

The main opposition candidate, businessman and former vice president Atiku Abubakar, has criticised Buhari’s economic policies and has promised to double the size of the economy to $900 billion by 2025 if elected.

Nigeria’s economy grew by 1.81 percent in the third quarter of this year, the statistics office said last week. And, in a separate data release days later, it said the inflation rate rose slightly in November to 11.28 percent compared with a year ago.

($1 = 306.6000 naira)

Reuters

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