Friday, June 10, 2016

Video - Nigeria to spend $1.76 bln in capital projects

Nigeria's government will next week pump much of the 1.76 billion dollars earmarked for capital projects into its economy. The spending is part of efforts to stimulate activity after a 0.4 percent contraction in the first quarter of this year. Nigeria is going through its deepest crisis in decades, brought on by the fall in crude prices. Last month Nigeria's central bank governor said a recession appeared to be "imminent". President Muhammadu Buhari signed the delayed 2016 budget into law last month. The record $30.6 billion budget triples capital expenditure compared with the previous year. But with Nigeria's heavy reliance on oil sales, which comprise about 70 percent of national income, it is unclear how this will be achieved.

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