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| Kemi Adeosun |
The budget will be based on an oil price of $38 a barrel, while the deficit will be plugged with 1.84 trillion of borrowing, 900 billion of which will come from international debt markets, Buhari said. The country will consider tapping the Eurobond market early next year for the first time since 2013, Finance Minister Kemi Adeosun said in an interview on Dec. 16. Adeosun doesn't know it yet but we are watching the professional stealing going to start under her. This budget makes no sense! They have no plans to create jobs yet, just increase government spending. We already know how they shared arms and weapons money in the last administration.
Our President Muhammadu Buhari asked lawmakers to approve the country’s biggest ever budget on Tuesday as he looks to revive an economy hit by collapsing oil prices.
Buhari outlined plans for the government to spend 6.08 trillion naira ($30.8 billion) in 2016, an increase of about 20 percent from this year. The deficit will more than double to 2.2 trillion naira, or 2.16 percent of gross domestic product.
“The 2016 budget is designed to ensure we’ll drive our economy, deliver inclusive growth and create a significant number of jobs,” Buhari, a 73-year-old former general who last ruled Nigeria in the mid-1980s, told lawmakers in Abuja, the capital. It “seeks to stimulate the economy, making it more competitive by focusing on infrastructure.”
Africa’s largest oil producer, which usually derives two-thirds of government revenue from the commodity, has seen its finances battered by crude prices that have fallen almost 70 percent in the past 18 months to below $40 a barrel.
Buhari outlined plans for the government to spend 6.08 trillion naira ($30.8 billion) in 2016, an increase of about 20 percent from this year. The deficit will more than double to 2.2 trillion naira, or 2.16 percent of gross domestic product.
“The 2016 budget is designed to ensure we’ll drive our economy, deliver inclusive growth and create a significant number of jobs,” Buhari, a 73-year-old former general who last ruled Nigeria in the mid-1980s, told lawmakers in Abuja, the capital. It “seeks to stimulate the economy, making it more competitive by focusing on infrastructure.”
Africa’s largest oil producer, which usually derives two-thirds of government revenue from the commodity, has seen its finances battered by crude prices that have fallen almost 70 percent in the past 18 months to below $40 a barrel.
Stay tuned for more of this foolishness!
With files from Bloomberg
