ABUJA Dec 2 Nigeria is planning a budget of
more than 7 trillion naira ($22.2 billion) next year, Vice
President Yemi Osinbajo said, to boost spending and help pull
the economy out of its worst crisis in more than two decades.
"Our entire budget for 2016 is ... just over 6 trillion
naira. We will probably be moving to about 7 trillion naira in
the 2017 budget," Osinbajo said during visits to manufacturers
He said Nigeria's economy of around 90 trillion naira
($285.3 billion) needed more spending to make an impact. The
West African country planned a record 6.06 trillion naira budget
for 2016, but it has struggled to fund it.
Nigeria is in its deepest recession in 25 years and needs to
find money to make up for a shortfall in its budget this year.
Its revenues from oil have plunged along as the price of crude
fell and militants attacked its crude-producing heartland, the
Niger Delta, cutting its output.
Ratings agency Moody's forecast the Nigerian economy would
expand 2.5 percent next year if it could produce 2.2 million
barrels of oil per day - the level at which the government made
its 2016 budget calculations.
On Wednesday, Budget Minister Udoma Udo Udoma said the
cabinet had approved next year's budget without providing
details. The vice president told Reuters this week the president
will present 2017 budget to parliament by mid-December.
($1 = 315.50 naira)
(Writing by Chijioke Ohuocha, editing by Larry King)