Nigeria Budget 2017: Abuja to Spend Its Way Out of Recession With Record $23.7 Billion Plan

Newsweek
Source Article

Summary: ” on medical leave, signed off of the 2017 spending plan at the end of a five-month delay, caused partially by wrangling over with budgets, for proposed infrastructure projects in the West African country. The Nigerian government’s failure to explain Buhari’s illness has sparked comparisons with the late Nigerian president Umaru Musa Yar’Adua, who left Nigeria in 2009, for medical treatment in Saudi Arabia, and didn’t get back for three months. One of Africa’s biggest economies, Nigeria has been mired in recession since mid-2016, when a global fall down in commodity prices, and the decimation of oil production by militants in the southern Niger Delta perpetuated the country’s economic malaise. Nigeria’s “path to progress, and abundance is clear” according to the country’s vice-president Yemi Osinbajo, who signed a all-time prerecord 7.44 trillion naira ($23.7 billion) budget on Monday aimed at dragging the African giant out of recession. Osinbajo has signed off of a all-time prerecord budget that’s aimed at getting Nigeria out of recession.”

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