Africa Press-Nigeria:<\/p>\n
LAGOS, Sept 30 (Reuters) – Nigeria\u2019s cabinet proposed on Wednesday a 3% economic growth target and an 11.95% inflation target for its 2021 budget, a presidency aide said.<\/p>\n
The cabinet also plans to target a $40 per barrel oil benchmark and 1.86 million barrels per day of crude production in the budget, the aide said on his official Twitter account.<\/p>\n
Badly hit by the coronavirus pandemic, Nigeria\u2019s economy contracted 6.1% in the second quarter of 2020 and now faces possible recession in the third, with the government expecting the economy to shrink by as much as 8.9% this year.<\/p>\n
Low oil prices have also taken their toll on the African continent\u2019s top producer, which relies on crude sales for 90% of foreign exchange earnings.<\/p>\n
The Nigerian cabinet signed off on planned expenditure in 2021 of 13.08 trillion naira ($34.37 billion) with a deficit of 4.48 trillion naira, and set its expected exchange rate for the naira currency at 379 to the U.S. dollar, according to the aide.<\/p>\n
The budget requires legislative and presidential approval before coming into effect, a process that can take months. ($1 = 380.6000 naira) (Reporting by Alexis Akwagyiram in Lagos and Paul Carsten in Abuja Editing by Gareth Jones\/Mark Heinrich)<\/p>\n
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Africa Press-Nigeria: LAGOS, Sept 30 (Reuters) – Nigeria\u2019s cabinet proposed on Wednesday a 3% economic growth target and an 11.95% inflation target for its 2021 budget, a presidency aide said. The cabinet also plans to target a $40 per barrel oil benchmark and 1.86 million barrels per day of crude production in the budget, the […]<\/p>\n","protected":false},"author":62,"featured_media":14462,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[365],"class_list":["post-30577","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-inflation"],"yoast_head":"\n