Afran : Nigeria growth, spending on track: finance minister
on 2010/2/9 12:48:25
Afran

20100208

ABUJA (Reuters) - Nigerian government spending has not slowed in the absence of President Umaru Yar'Adua and the economy is on course to grow a minimum of 6 percent this year, Finance Minister Mansur Muhtar told Reuters on Monday.

Yar'Adua has been in hospital in Saudi Arabia for more than two months being treated for a heart ailment but has not formally transferred powers to Vice President Goodluck Jonathan.

He signed a supplementary 2009 budget which runs to the end of March from his sickbed but there has been concern over what will happen if he is still absent at the end of next month and is unable to sign the 2010 budget.

"I want to give you strong assurance that the growth trajectory and prospects for the Nigerian economy remain positive ... We have not relented in our efforts to steer the economy and the vice president has been actively engaged," Muhtar said in an interview in Abuja.

"We have a very positive outlook of maintaining a minimum of 6 percent GDP growth ... This is going to be fuelled basically by stimulus spending and a massive increase in spending on infrastructure embedded in the 2010 budget," he said.

Yar'Adua in November sent a 4.1 trillion naira budget proposal to parliament, a 32 percent rise from planned 2009 spending. If approved, this would push sub-Saharan Africa's second biggest economy to a fiscal deficit of 4.79 percent of gross domestic product.

Sources involved in the debate have since said parliament wants to increase the planned budgetary spending further to pay for new projects in power, roads and development in the restive, oil-producing Niger Delta.

Muhtar said Nigeria's budget laws meant the government was able to start spending funds for the first quarter of the 2010 budget based on last year's assumptions even though it had not yet been passed into law, as well as spending funds brought over from last year and the 2009 supplementary budget.

Previous article - Next article Printer Friendly Page Send this Story to a Friend Create a PDF from the article


Other articles
2023/7/22 16:36:35 - Uncertainty looms as negotiations on the US-Kenya trade agreement proceeds without a timetable
2023/7/22 14:48:23 - 40 More Countries Want to Join BRICS, Says South Africa
2023/7/18 14:25:04 - South Africa’s Putin problem just got a lot more messy
2023/7/18 14:17:58 - Too Much Noise Over Russia’s Influence In Africa – OpEd
2023/7/18 12:15:08 - Lagos now most expensive state in Nigeria
2023/7/18 11:43:40 - Nigeria Customs Intercepts Arms, Ammunition From US
2023/7/17 17:07:56 - Minister Eli Cohen: Nairobi visit has regional and strategic importance
2023/7/17 17:01:56 - Ruto Outlines Roadmap for Africa to Rival First World Countries
2023/7/17 16:47:30 - African heads of state arrive in Kenya for key meeting
2023/7/12 16:51:54 - Kenya, Iran sign five MoUs as Ruto rolls out red carpet for Raisi
2023/7/12 16:46:35 - Ambassador-at-Large for Global Women’s Issues Gupta Travels to Kenya and Rwanda
2023/7/2 15:57:52 - We Will Protect Water Catchments
2023/7/2 15:53:49 - Kenya records slight improvement in global peace ranking
2023/7/2 14:33:37 - South Sudan, South Africa forge joint efforts for peace in Sudan
2023/7/2 13:08:02 - Tinubu Ready To Assume Leadership Role In Africa
2023/7/2 11:50:34 - CDP ranks Nigeria, others low in zero-emission race
2023/6/19 16:30:00 - South Africa's Ramaphosa tells Putin Ukraine war must end
2023/6/17 16:30:20 - World Bank approves Sh45bn for Kenya Urban Programme
2023/6/17 16:25:47 - Sudan's military govt rejects Kenyan President Ruto as chief peace negotiatorThe Sudanese military government of Abdel Fattah al-Burhan has rejected Kenyan President William Ruto's leadership of the "Troika on Sudan."
2023/6/17 16:21:15 - Kenya Sells Record 2.2m Tonnes of Carbon Credits to Saudi Firms

The comments are owned by the author. We aren't responsible for their content.