Nigeria Bases 2017 Budget on USD42.5 per Barrel of Crude

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Nigeria, Africa’s largest economy by GDP said it will be basing its 2017 budget assumption on its crude oil export using the an average of USD42.5 per barrel of crude.

This is coming higher than USD38 per barrel of crude targeted for 2016 budget. Nigeria is battling the worst recession in 20 years.

The historic output cut deal reached by OPEC and non-OPEC members must have emboldened the government’s budget team to take the budget assumption beyond the conservative figure used last year.

The 2017 budget is totalling NGN7.298 trillion. The government is looking at spending more on capital projects across power, works and housing to be getting NGN529 billion.

Other sectors that will get major capital investment includes NGN262 billion for transportation, NGN140 billion for defense and NGN81 billion for trade and industry.

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