The Nigerian government scaled down its growth forecast for the economy for 2017, to 2.5%, from 3.02% earlier, Minister of Budget and National Planning, Udo Udoma, announced on Dec. 14.

“We realized that it is not achievable due to the current economic recession,” the official said

The Nigerian economy plunged into recession for the first time in 25 years, after its GDP decreased by 2.06% in the second quarter of 2016, against a 0.36% fall in the first. Nigeria which derives 70% of its revenues and nearly 90% of foreign exchange reserves from oil exports, was fully hit by the global oil price decline.

According to the International Monetary Fund, the country’s GDP should fall by 1.7% for the whole 2016 year.

Muhammadu Buhari, the President, presented on December 14, 2016, a budget of N7.3 trillion ($23 billion) to the parliament for 2017. This is 20% more than last year’s. The new budget is based on an oil production of 2.2 million barrels per day at $42.50 the barrel average.