AFP/Abuja
President Muhammadu Buhari yesterday unveiled a budget that triples investment spending in a bid to stimulate growth and lower the dependence of Africa’s largest economy on oil.
Despite the plunging price of oil, Nigeria’s main revenue source, Buhari vowed to increase spending by about 20% from this year to 6.08tn naira (around $30bn).
Investment will be a major beneficiary, more than tripling to account for 30% of total spending.
“We believe that this budget, while helping industry, commerce and investment to pick up, will as a matter of urgency, addresses the immediate problems of youth unemployment and the terrible living conditions of the extremely poor and vulnerable Nigerians,” Buhari told the joint session of the National Assembly in Abuja.
He said that critical infrastructure like power and housing would get 433.4bn naira, while transport was allocated 202bn.
Investments in security and defence are also to be stepped up as the country fights Boko Haram militants in the north of the country.
“These investments in infrastructure and security are meant to support our reforms in the agriculture, solid minerals and other core job creating sectors of our economy,” Buhari said.
The plunge in global oil prices by more than 60% since last year has pummelled Nigeria, the continent’s largest oil exporter.
Economic growth will slow to 4% this year according to an IMF forecast, down from 6.3% last year.
President Muhammadu Buhari lays a copy of the 2016 Nigeria budget on the table at the National Assembly in Abuja yesterday.
