Ahead of 2017, the Vice President Yemi Osinbajo has raised hope of Nigerians that the economic policies and packages put in place by the Federal Government are such that are capable of pulling the country out of recession for a better tomorrow.
He revealed that Nigeria’s budget for 2017 will be more than 7 trillion naira ($22.2 billion) so as to boost spending and help pull the economy out of its worst crisis in more than two decades, reports Reuters.
“Our entire budget for 2016 is just over 6 trillion naira. We will probably be moving to about 7 trillion naira in the 2017 budget,” Osinbajo said during visits to manufacturers on Thursday. He said Nigeria’s economy of around 90 trillion naira ($285.3 billion) needed more spending to make an impact.
However, the country has struggled to fund this year’s budget of 6.06 trillion naira. Nigeria is in its deepest recession in 25 years and needs to find money to make up for a shortfall in its budget this year.
Its revenues from oil have plunged along as the price of crude fell and militants attacked its crude-producing heartland, the Niger Delta, cutting its output.
Ratings agency Moody’s forecast the Nigerian economy would expand 2.5 percent next year if it could produce 2.2 million barrels of oil per day – the level at which the government made its 2016 budget calculations
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