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Nigerian parliament passes 2013 budget, inflates spending
December 20, 2012 / 4:20 PM / 5 years ago

Nigerian parliament passes 2013 budget, inflates spending

ABUJA, Dec 20 (Reuters) - 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 savings.

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.

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