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Nigeria raises 2010 spending plans to N4.3trn

Nigeria has raised its planned spending for this year to around N4.3 trillion from an initial N4.079 trillion  proposal, outgoing finance minister Mansur Muhtar said on Thursday.

“The federal government made some additional submissions into the budget which were priority areas.
It’is now a little above N4.3 trillion ,” he said, adding that the final figure would come from National Asembly , which is still debating the plans. The government made the budget additions before the cabinet was dissolved on Wednesday by Acting President Goodluck Jonathan in a further move to assert his authority in the absence of ailing President Umaru Yar’Adua.

A supplementary 2009 budget which runs to the end of March has allowed Nigeria to maintain government spending while the 2010 budget is debated, but this year’s spending plans must be passed and signed into law by the end of the month.

The original 4.079 trillion naira budget for this year, sent to parliament in November by Yar’Adua, would have pushed sub-Saharan Africa’s second biggest economy to a deficit of 4.79 percent of gross domestic product.


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