Nigeria president proposes $29.3B national budget

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Associated Press

Posted on October 10, 2012 at 10:33 AM

Updated Wednesday, Oct 10 at 10:34 AM

ABUJA, Nigeria (AP) — Nigeria's president proposes a $29.3 billion federal budget in 2013 for the oil-producing nation, predicting a slight increase in the crude produced each month.

President Goodluck Jonathan presented his budget Wednesday to a rare sitting of both chambers of the nation's National Assembly. Jonathan said the government anticipated pumping 2.53 million barrels of oil a day from the country's Niger Delta. He said the budget anticipates that oil will sell for about $75 a barrel.

He said the country's gross domestic product should rise by 6.5 percent next year. He also announced new taxes on imported raw and refined sugar and rice.

While Jonathan promised to knock down national debt, analysts remain concerned about corruption and fiscal mismanagement in the country. Nigeria also faces violent attacks by Islamic extremists.

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