
Audio By Carbonatix
Nigeria's President Muhammadu Buhari has signed the 2023 budget of more than $45bn (£37bn) into law.
It is the last budget of his administration.
The budget reveals that the government wants to sell some public assets in order to lessen the huge deficit, which amounts to just less than 5% of GDP.
Alongside the main spending plan is an additional spending plan to deal with the aftermath of the recent nationwide floods which damaged vital infrastructure.
A large portion of the budget is funded by the earnings from crude oil but volatility in the oil price has meant that borrowing has increased and forced the government to look for other ways to raise funds.
Mr Buhari's two terms in office will come to an end after voters elect his successor next month.
Latest Stories
-
German prosecutors arrest man accused of ordering killings during Rwanda genocide
33 minutes -
World Bank backs Nigeria 2026–2032 plan with $1.25 billion to spur jobs, private investment
42 minutes -
South African manufacturing sentiment worsens in June, Absa PMI shows
50 minutes -
Oil falls for a third straight day after US, Iran talks conclude in Doha
59 minutes -
World Bank approves Morocco clean energy project after ending climate lending target
1 hour -
Balogun scores and is sent off as US reach last 16
1 hour -
Government begins process to bring home Ghanaian killed in South Africa
1 hour -
We expect urgent action – Ghana presses AU over xenophobic attacks after citizen killed in South Africa
2 hours -
OpenAI proposes handing Trump administration 5% stake, FT reports
2 hours -
Funeral Invitation: Elder Dr. (Pharm.) Samuel Kwasi Nkansah
3 hours -
Oil prices fall 1% to 4-month lows as progress in US-Iran talks cools supply concerns
5 hours -
Mass school kidnappings in Nigeria in recent years
5 hours -
Over 900 arrested during South African anti-migrant protests
5 hours -
Kenyan court charges eight schoolgirls with their fellow students’ murder
5 hours -
Canada to make Eurovision Song Contest debut in 2027
5 hours