Nigerian President Muhammadu Buhari presented a budget of 8.83 trillion naira for 2019 and laid out a plan to drive growth to the parliament.
The spending plan presented by the president is based on the projection that crude production will be up to 2.3 million barrels a day, oil price will be $60 per barrel and the exchange rate will be 305 naira to the dollar. Buhari’s handling of the economy, which emerged from its first recession in 25 years in 2018, remains sluggish and has become a campaign issue.
Businessman and former vice president Atiku Abubakar, the main opposition candidate, has criticised Buhari’s economic policies and has promised to double the size of the economy to $900 billion by 2025 if elected.
The budget, which is the fourth President Buhari has presented to parliament since taking office in 2015, did not set record high levels of spending as the government seeks to lower debt.
The spending plan is smaller than the record 9.12 trillion naira budget for 2018 that he signed into law in June. The budget must still be approved by parliament before it can be signed into law, a process that can take many months.