Nigeria Said to Consider Increasing 2016 Budget by 56 Percent
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Nigerian Vice President Yemi Osinbajo told ministers last week that the government will consider raising spending in the 2016 budget by 56 percent to as much as 7 trillion naira ($35 billion), even as the country struggles with lower revenue after a drop in oil prices, according to a person who attended the presentation.
Osinbajo said a potential budget for next year may range from 6 trillion to 7 trillion naira, up from the 4.49 trillion naira spending plan for 2015, according to the person, who asked not to be identified because the matter is private. Laolu Akande, a spokesman for Osinbajo, didn’t answer calls to his mobile phone or immediately respond to text messages and an e-mail seeking comment on Monday.