ABUJA (Reuters) – Nigerian President Goodluck Jonathan signed the 2012 budget into law on Friday,
reducing total spending to 4.697 trillion naira from the 4.88 trillion proposed by parliament last month.
interview with Reuters at the Presidential Villa in Abuja January 26, 2012. REUTERS/Afolabi Sotunde
The spending plans assume a $72 benchmark oil
price, any earnings over which are saved into the excess crude account. Nigerian lawmakers often inflate spending plans. The
finance ministry had initially proposed spending of 4.65 trillion naira.