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Nigerian Lawmakers Approve 4.5% Cut in 2015 Spending Plan

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Nigeria’s Senate approved a budget of 4.49 trillion naira ($22.5 billion) for this year on Tuesday, joining the House of Representatives which has already agreed to the spending plan.

The budget for this year is 4.5 percent lower than 2014’s planned 4.7 trillion naira as Nigeria, a member of the Organization of the Petroleum Exporting Countries, seeks to compensate for lower crude prices. That amount rose to 4.96 trillion naira with the addition of 268 billion naira in savings from the reduction of fuel subsidies.