L
LequteMan
Guest
Nigeria is budgeting 6 trillion naira ($30.3 billion) budget for the year 2016, up from 4.5 trillion naira in 2015, minister of budget and planning said on Monday.
According to Udoma Udo, 30 percent of the budget will be allocated for capital expenditure.
He said that the cabinet was assuming a conservative oil price of $38 a barrel and oil production at 2.2 million barrels per day.
"(The cabinet) today approved a medium-term framework for three years...It will be submitted to the National Assembly...We are projecting a 30 percent capital budget for next year," the minister said after a cabinet meeting in the presidential villa.
Reuters
According to Udoma Udo, 30 percent of the budget will be allocated for capital expenditure.
He said that the cabinet was assuming a conservative oil price of $38 a barrel and oil production at 2.2 million barrels per day.
"(The cabinet) today approved a medium-term framework for three years...It will be submitted to the National Assembly...We are projecting a 30 percent capital budget for next year," the minister said after a cabinet meeting in the presidential villa.
Reuters
