Nigerian President Muhammadu Buhari presents record $34 billion budget for 2020 as he aims to spur growth in Africa's largest economy at the start of his second term in office
Nigerian President Muhammadu Buhari presents the 2020 budget proposal to lawmakers in Abuja, Nigeria October 8, 2019.
Buhari told lawmakers at a joint session of the upper and lower chambers of parliament that the "economic environment remains challenging" but said the budget was expected to increase the pace of growth. He has repeatedly stated his desire to boost non-oil sources of revenue since crude oil sales make up around 90 percent of foreign exchange. Low prices were the main reason for the economy's slide into recession in 2016.
Economic growth slowed to an annual rate of 1.94 percent in the three months to the end of June, the second quarter in a row of decline.The spending plan, which includes a value-added tax increase from 5 percent to 7.5 percent, is up from the 8.83 trillion-naira [$24 billion] budget for 2019 and tops the previous record spending plan which was the 9.12 trillion-naira [$25.22 billion] budget for 2018.
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