The Nigerian Senate passed on April 28 the 2015 budget, which envisages spending of NGN4.49trn ($22.6bn) and a fiscal deficit of NGN1.08trn, equal to 1.12% of GDP, local media reported.
The budget of Africa’s biggest oil producer is based on an oil benchmark of $53 per barrel, crude oil production of 2.2782mn barrels per day, and an exchange rate of NGN190 to the US dollar.
Notably, the budget excludes provisions for fuel and kerosene subsidies in 2015.
However, according to Senator Ahmad Lawan, Chairman of the Senate Committee on Public Accounts, quoted by news24, the incoming government would definitely review the 2015 fiscal budget because of the various flaws in it. The opposition won Nigeria’s recent general elections, ousting the previous government, which prepared the 2015 budget and presented it to the National Assembly already in December.
Related Articles
South African mobile network operator Cell C advances JSE listing via share offer by Blu Label’s TPC
Cell C Holdings, the South African mobile network operator, is preparing to list on the Johannesburg Stock Exchange, according to an update issued by Blu Label Telecoms (JSE:BLU) on November 5. ... more
Panoro Energy signals stable production outlook, Dussafu offshore Gabon remains core growth driver
Panoro Energy ASA (OSE:PEN) reported steady operational performance in advance of its third-quarter 2025 results, scheduled for release on November 20, highlighting continued strong field delivery at ... more
South Africa–Europe iron ore route could adopt ammonia-fuelled vessels from 2029 — study
A South Africa–Europe iron ore shipping corridor could begin deploying ammonia-fuelled bulk carriers from 2029 and potentially scale toward full decarbonisation by 2035, according to a ... more