ABUJA Dec 20 Nigeria's national assembly on
Thursday passed a 4.987 trillion naira ($31.6 billion) 2013
budget, inflating proposed spending put forward by President
Goodluck Jonathan and reducing the amount of oil money put into
Jonathan had sent the national assembly a 4.92 trillion
naira budget proposal in October. He will need to sign the copy
passed by parliament before it becomes law.
Parliament approved a budget assumption of a $79 per barrel
benchmark oil price, above which Nigeria saves money it earns
from oil exports. This is higher than the $75 a barrel proposed
by Jonathan's team.
The budget assumes oil production of 2.53 million barrels
per day, economic growth of 6.5 percent, inflation at 9.5
percent and an exchange rate of 160 naira to the dollar.