Abuja - Nigeria plans to base its budget next year on economic growth of 6.75 percent and oil output of 2.39 million barrels per day, a fiscal plan said on Thursday, implying a significant improvement from current levels.
Total budget spending next year would be 4.5 trillion naira ($27.8 billion), compared with 5 trillion this year, according to a proposal sent by President Goodluck Jonathan to the national assembly.
Lawmakers usually inflate spending plans.
Recurrent expenditure - the amount government spends on itself - is set to rise to 74 percent of the budget, from 64 percent this year, leaving less money for much needed spending on infrastructure and development. - Reuters