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UPDATE 1-Nigerian president signs $29 bln 2019 budget into law

Published 27/05/2019, 11:43
UPDATE 1-Nigerian president signs $29 bln 2019 budget into law

(Adds details)
By Felix Onuah
ABUJA, May 27 (Reuters) - Nigerian President Muhammadu
Buhari signed an 8.9 trillion naira ($29 billion) budget for
2019 into law on Monday.
Approved by lawmakers last month, the budget is based on
estimated oil production of 2.3 million barrels a day, an
assumed crude price of $60 per barrel and an exchange rate of
305 naira to the dollar.
Nigeria's economy, the largest in Africa, grew by 1.93% last
year, its fastest pace since a recession two years earlier which
was caused by the impact of low oil prices. The continent's top
oil producer relies on crude sales for about 90 percent of its
foreign exchange. The planned deficit of 1.9 trillion naira represents 1.37%
of GDP.
Buhari is due to be inaugurated for a second four-year term
on Wednesday. He won re-election in February after pledging to
revive the economy, improve security and tackle corruption.

Last month the upper house of parliament increased the
budget by 80 billion naira to 8.9 trillion naira, up from the
8.83 trillion naira presented by Buhari to lawmakers last year.

(Writing by Alexis Akwagyiram
Editing by Mark Heinrich)

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