Nigerian president Muhammadu Buhari unveiled on December 22, a record state budget for 2016 which aims to revive an economy weakened by the fall in prices of oil.   

Capital expenditure tripling as compared to 2015 was fixed at N1.8 trillion thus 30% of the N6.09 trillion ($30.8 billion) budget.

“We trust that this budget, while reviving industry, trade and investment, will also respond to the urging challenges of youth unemployment and poor living standards of Nigerians,” president Buhari told members of parliament.

The former general elected president last May also said that N433.4 billion would be injected in essential infrastructures such as power and housing, whereas N202 billion would serve to improve transport.

According to President Buhari, the budget will be based on an oil price of $38 a barrel.

Nigeria should have N3.86 trillion of revenues in 2016 as its deficit climbs to N2.2 trillion. This deficit will be plugged with 1.84 trillion of borrowing, out of which 900 billion will come from international debts markets.

According to IMF’s forecasts, growth for Africa’s leading economy should plunge to 4% this year from 6.3% the previous. However, Buhari’s budget should help raise this growth to 4.37% in 2016.