Already a Bloomberg.com user?
Sign in with the same account.
Nigeria’s budget deficit may narrow to 1.18 percent of gross domestic product this year after adjustments were made by the National Assembly, Finance Minister Ngozi Okonjo-Iweala said.
That compares with the 2.17 percent target estimated by President Goodluck Jonathan in October, Okonjo-Iweala said today at a conference in Lagos, the commercial capital. She didn’t elaborate on what changes were made by lawmakers.
The National Assembly on Dec. 20 approved a 4.98 trillion naira ($32 billion) budget for 2013, higher than the 4.92 trillion naira spending plan presented by Jonathan. Lawmakers increased the benchmark oil price by $4 to $79 a barrel, providing more funds to the government to spend. The country expects to produce 2.53 million barrels of oil a day this year, according to the budget.
The government will create a housing finance institution that may begin operating by the end of the year with investments from the government, businesses and multilateral finance institutions, Okonjo-Iweala said. The World Bank is providing $300 million liquidity finance for the project, she said.
To contact the reporters on this story: Emele Onu in Lagos at email@example.com; Maram Mazen in Abuja at firstname.lastname@example.org
To contact the editor responsible for this story: Nasreen Seria at email@example.com