Nigeria’s President Muhammadu Buhari said on Wednesday the country was facing the worst economic situation in its history, in a speech to lawmakers to present the 2017 budget in Abuja.
Africa’s biggest economy is in recession for the first time in 25 years, largely brought on by low oil prices. The OPEC nation relies on crude oil sales for two-thirds of government revenue.
President Muhammadu Buhari presented a budget for 2017 before a joint session of the National Assembly.
Buhari, who arrived at the assembly Chambers at 1.55p.m., apologised for shifting the time for the presentation of the appropriation bill from 10a.m. to 2 p.m.
He explained that the delay was informed by his sudden trip to The Gambia in an attempt to avert possible political in that country, occasioned by the insistence of President Yayah Jameh.
The president said state revenue representing 30.7 per cent of the 2017 budget, would be committed to capital expenditure aimed at pulling the economy out of recession as quickly as possible.
He said, having reviewed the trends in the global oil industry, the government had decided to set a benchmark price of $42.5 per barrel and a production estimate of 2.2m barrels per day for 2017 fiscal year.
Source: Materials from Reuters and Punchng.com
