Nigeria presents record $28 billion budget to lawmakers

Photo by:www.africanews.com

Nigerian President Muhammadu Buhari presented a record 8.6 trillion naira ($28.16 billion) budget for 2018 on Tuesday to foster shaky growth in Africa’s largest economy as it emerges from its first recession in 25 years.

This is Buhari’s third budget to parliament and like the previous ones, sets a record high level of spending, but analysts say implementation, particularly on capital expenditure that is meant to drive infrastructure development, has been lacking.

“Mostly, I think that they are setting themselves yet more unattainable goals,” said John Ashbourne, Africa economist at Capital Economics.

“The federal government falls short on its revenue and expenditure targets every year, and Buhari always responds by writing an even more ambitious target into the budget for the following year,” he said.

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