Nigerian president proposes biggest budget in his country’s history

Nigerian President Muhammadu Buhari has launched an ambitious plan to boost his country’s economy and fix its security problems with a budget that is the largest in Nigeria’s history.

The proposed record spending of 20.5 trillion naira ($47.3 billion) reflects the “major challenges” facing Nigeria and includes “the major reforms needed to address them,” Buhari told lawmakers while presenting the budget in the capital, Abuja. .

The budget, which is expected to be approved and come into effect in January 2023, is 19 percent larger than government spending this year and is the largest in Nigeria’s history.

The budget prioritizes fiscal sustainability, economic growth and security.

Buhari has directed the bulk of spending to defense and internal security as Nigeria continues to face extremism in the northeast of the country, as well as armed attacks in the northwest and central regions that have killed thousands over the past year .

On this occasion, Buhari said: “I assure you that the danger, especially robberies and kidnappings, will be drastically reduced before the end of the term of this government. We will redouble our efforts to ensure the legacy of a peaceful, prosperous and secure nation. “

Buhari, who is leaving office next year after a general election in February, said “the 2023 budget has been prepared in a very challenging global economy.” He noted that Nigeria is committed to achieving “higher, more inclusive, diversified and sustainable growth” through the proposed budget.

Source: AFP