Nigerian Senate passes 2015 budget with deficit projected at 1.12% of GDP

By bne IntelliNews April 29, 2015

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.

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