Thursday, December 15, 2016
Video - President Buhari presents $24 billion plan to revive economy
Nigeria's President Muhammadu Buhari has presented a record budget of 7.3 trillion naira, or just about 24 billion dollars for 2017. The budget marked an increase of 20.4 percent on last year's spending plan and seeks to boost spending to revive the economy. The country is currently in a recession largely caused by low global oil prices, as crude sales account for two-thirds of the government's revenue. Buhari said the budget was based on an exchange rate of 305 naira to the dollar and a projected oil output of 2.2 million barrels per day at an assumed price of 42.5 dollars per barrel.