Nigeria Will Pass 2016 Budget This Week, Says Senate President

  • Budget to be debated by Parliament today, says Senator Saraki
  • President Buhari presented spending plan to Senate in December

Nigeria’s lawmakers will pass the country’s 2016 budget this week, according to the president of the Senate.

The record 6.1 trillion naira ($30.7 billion) spending plan ”will be laid today for deliberation on amendments that were done,” Senate President Bukola Saraki said in a Twitter post.

President Muhammadu Buhari, who came to power in May, presented the budget to Parliament on Dec. 22. He said that spending needed to be increased about 20 percent from last year to stimulate the economy of Africa’s biggest oil producer, which has been hammered by the slump in crude prices to around $40 a barrel. Growth fell to 2.8 percent in 2015, the slowest pace since 1999.

The budget was delayed after politicians alleged in January that the document contained several mistakes and discrepancies.

The fiscal deficit may be as high at 3 trillion naira, which would also be a record. The government intends to plug most of the gap by borrowing about $10 billion in local and foreign currencies. That includes a Eurobond of as much as $1 billion, Finance Minister Kemi Adeosun said last month.

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