Nigeria president proposes N4.749 trn 2012 budget

Nigerian President Goodluck Jonathan presented a N 4.749 trillion budget to the national assembly on Tuesday, an increase in overall spending from this year. Jonathan said spending would rise from the N4.48 trillion in 2011 but recurrent expenditure would fall to 72 per cent of the budget from 74.4 per cent this year as the government focuses more money on capital projects.
The fiscal deficit would be reduced to 2.77 per cent of GDP from 2.96 in the 2011 budget, Jonathan said. He told lawmakers the 2012 spending plan was based on a benchmark oil price of $70 a barrel and production of 2.48 million barrels per day. It assumed an exchange rate of N155 to the U.S. dollar, average inflation of 9.5 per cent and GDP growth of 7.2 per cent.