Ahead of elections in February 2019, Nigerian President Muhammadu Buhari has secured $28.80 billion (8.83 trillion naira) in budget funding for 2019 under a plan he claims will revamp growth, create jobs and curb poverty.
Under the budget, Nigeria estimates daily oil production of 2.3 million barrels of crude and an oil price average of $60 per barrel.
Oil prices are $20 below that estimate in early January 2019.
The budget also assumes an exchange rate of 203 naira to the dollar.
In 2018, Nigeria’s economy – Africa’s biggest at approximately double the size of the next economy, South Africa – emerged from 25-year-old recession but growth remains sluggish at 1.81 percent during the third quarter of 2018, for example.
Buhari is taking credit for the improved economic outlook as he enters re-election.
Former vice president Atiku Abubakar, a businessman and the main opposition candidate to Buhari’s re-election bid, says his policies will double the size of Nigerian economy to $900 billion by 2025.
Buhari received a rowdy reception when he presented the budget to parliament with supporters cheering loudly and opponents booing.
Nigeria’s inflation rose slightly in November 2018 to 11.28 percent.
Remarkably, at under $29 billion, the Nigerian budget is way below the budgets of American states like Maryland ($44 billion), New York ($89 billion) and California ($201 billion).
[Pictures courtesy of Africa News]