Nigerian parliament approved an increase of budget for 2018 fiscal year, Bloomberg reports stressing that this decision was spurred by an increase in revenues.
From an initial amount of $23.8 billion announced by President Muhammadu Buhari in November 2017, Nigerian lawmakers set total government spending at $25.2 billion. This represents an increase by nearly 6%.
A document released yesterday May 15 by the House of Representatives shows that $9.7 billion should be used for recurrent expenditures while $7.7 billion will be used for capital spending and $6.1 billion for debt servicing. The balance will serve other spendings.
An increase in oil exports revenues (as oil price rose in recent months) would help achieve the new spending targets.For the record, President Buhari has earlier indicated that the government plans to invest part of the budget in infrastructure in order to boost the economy which is still struggling to recover from years of recession.
Let’s note that while IMF forecasts an economic growth of 2.1% for Africa's largest oil producers, President Buhari expects a 3.5% growth for this year.
Moutiou Adjibi Nourou
From Dakar to Nairobi, Kampala to Abidjan, mobile money has become a lifeline for millions of Africa...
Airtel Gabon, Moov sign deal to share telecom infrastructure Agreement aims to cut costs, boo...
• WAEMU posts 0.9% deflation in July, second month in a row• Food, hospitality prices drop; alcohol,...
Malawi votes in high-stakes presidential election Tuesday Economic crisis, inflation dominate vot...
Vision Invest invests $700m in Arise IIP, Africa’s largest private infrastructure deal in 202...
• The campaign will run from September 2025 to September 2026 across all 16 regions.• The government inaugurated the Ghana Association of Privacy...
• Tunisia will launch 138 digital transformation projects between 2025 and 2026, covering administration, economy, cybersecurity, and infrastructure.•...
• Ghana will receive $3.5 billion in upstream oil investments, its first major inflows since 2019.• Tullow, Kosmos and GNPC will invest $2...
• Ghana faces declining oil production and a $3 billion energy sector debt.• The government and partners will optimize the Offshore Cape Three...
Surprisingly, only one African song made it onto Rolling Stone's list of the 500 Greatest Songs of All Time. The track is "Essence," a collaboration...
The Umhlanga Festival, also known as the “Reed Dance,” is one of the most iconic cultural events in the Kingdom of Eswatini in Southern Africa. Every...