Nigeria is hoping to spend some $28.80 billion next year to drive growth in critical sectors of its economy.
This is contained in President Muhammadu Buhari’s budget statement presented to parliament for approval on Wednesday.
Mr Buhari says the spending plan for Africa’s most populous country will be based on crude production of 2.3 million barrels a day, an oil price of $60 per barrel and an exchange rate of 305 Naira to the dollar.
Parts of the budget will be allocated for debt servicing to expand the fragile economy, which recently emerged from its first recession in over two decades.
The 2019 budget figure is coming barely three months to Nigeria’s Presidential elections.
Nigeria is struggling to eradicate poverty among its citizens after becoming the leading country with extreme poverty in the world, according to The World Poverty Clock.
The World Poverty Clock’ report released recently showed that Nigeria overtook India in the latest ranking.
Nigeria currently has 89.6 million people living in extreme poverty as against India’s 71.5 million according to the report.
The 86.9 million figure for Nigerians represents nearly 50% of its estimated 180 million population.
Source: Africafeeds.com
