Thursday, December 19, 2013

Nigeria unveils $29 billion budget for 2014

Nigeria unveils $29 billion budget for 2014

Nigeria's finance minister Ngozi Ikonjo-Iweala says the budget of 4.642 trillion naira ($29 billion) for 2014 is lower than last year's because of oil thefts and lower customs duties. Where is the spending cuts?

The Minister presented the budget on behalf of the President who skipped the briefing and said the budget proposal presented to congress and lawmakers includes capital expenditure of 1.1 trillion naira ($6.88 billion), 27 percent of the total, with the rest going to running the government.

"It's a budget for jobs and inclusive growth," Ikonjo-Iweala, a former managing director of theInternational Monetary Fund, told reporters. "The budget supports policies that will continue to push agriculture, manufacturing, investment so that our youths can have modern jobs."

She set expected government revenue for 2014 at 3.73 trillion naira ($23.3 billion), that will leave a deficit of 1.9 percent of GDP.

The budget for Africa's biggest oil producer is based on oil selling at $77.5 a barrel, a compromise between the executive's proposal of $74 and lawmaker's demands for a $79 a barrel benchmark. The dispute had delayed the budget for weeks.

Last year's budget was $29.3 billion.

Read more here:


Post a Comment