The executive cabinet of Japan cabinet has approved a budget of USD830 billion which is approximately JPY97.5 trillion in yen and over NGN260 trillion in Nigerian Naira as presented by Prime Minister Abe for the year 2017.
The budget counts on low interest rates and a weak yen to limit borrowing.The figure represents an increase of 733 billion yen from 2016 budget and will cover the fiscal year starting from April 1
This budget will help the the Japan economy revive fully out of recession and steady the growth of the country and also in social security costs, boost the country’s workforce and encourage salary increases.
The government is set to approve a third supplementary budget for this year, amounting to USD 1.7 billion and focusing on earthquake reconstruction and military spending.
While Nigeria is Africa’s largest economy, it is still very small compared to the Japanese economy. Nigeria’s 2017 budget proposal is 7.298 trillion.