Nigeria’s Buhari presents 7.298 trillion naira 2017 budget to lawmakers

Nigeria’s President Muhammadu Buhari on Wednesday presented a record 7.298 trillion naira ($23.97 billion) budget for 2017 to lawmakers, which he said was an increase of 20.4 percent on last year’s spending plan.

He said the budget was based on an exchange rate of 305 naira to the dollar and a projected oil output of 2.2 million barrels per day at an assumed price of $42.5 dollars per barrel.