Nigeria Parliament Approves 21% Budget Hike to Boost Economy
- Nation to increase spending on roads, rail, ports, power
- Budget to help rebound economy after it shrunk by 1.5% in 2016
Pedestrians shop at Balogun market in Lagos, Nigeria.
Photographer: Sunday Alamba/AP PhotoThis article is for subscribers only.
Nigeria’s lawmakers approved to boost spending by 21 percent this year to help the West African economy recover from its worst slump in 25 years.
The Senate, led by its President Bukola Saraki, agreed on Thursday in the capital, Abuja, to increase spending this year to 7.4 trillion naira ($23 billion). That compares to a budget of 7.3 trillion naira that President Muhammadu Buhari proposed on Dec. 14. The House of Representatives, the National Assembly’s lower chamber, approved it earlier Thursday.