Nigeria to ramp up spending to boost GDP by 4.2 percent in 2022
Al Jazeera
Nigeria’s economy shrank by the most in a quarter century last year due to the coronavirus crisis.
Nigeria’s government finalized plans to ramp up spending and borrowing as it grapples with reviving an economy that shrank by the most in a quarter century last year due to the coronavirus pandemic.
Expenditure is projected at 16.4 trillion naira ($39.7 billion) next year, or 17.7% more than initially proposed, President Muhammadu Buhari said in a budget presentation to lawmakers on Thursday. The increased spending will help drive economic growth, with a 4.2% expansion in gross domestic product seen in 2022, Buhari said.
The government expects to raise 10.1 trillion naira in revenue, 3.2 trillion naira of which will be generated from crude sales and taxes. The budget assumed an oil price of $57 a barrel, and that the country will pump an average of 1.88 million barrels a day. Nigeria is Africa’s largest crude producer.
