Nigeria's parliament okays $24.3 billion budget

By Rafiu Ajakaye

LAGOS, Nigeria (AA) - Nigeria’s parliament on Thursday passed the country's 2017 budget, nearly six months after it was submitted by President Muhammadu Buhari, raising the original fiscal proposal by at least $300 million.

Buhari had on Dec. 14 submitted the budget proposal of $24 billion, which the government hoped would pull the country out of the current economic recession.

Buhari had nicknamed the budget one of “recovery and growth”.

He said the budget was based on an oil benchmark of $42.5 per barrel, an estimate of 2.2 million barrels production per day.

Buhari said he would push through ongoing talks with the militants in the Niger Delta to avoid a disruption in production, a major setback for the outgoing year when bombings of pipelines cut production by at least half until July.