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    Chronicle NG

    Nigeria targets recovery in record budget for 2018

    Chronicle EditorBy Chronicle EditorNovember 8, 2017No Comments2 Mins Read
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    Nigeria's economic growth slowed in the first quarter of 2018 for the first time since the country pulled out of recession in 2017
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    President Buhari of Nigeria
    President Buhari of Nigeria

    Nigeria has set out its budget for 2018, aimed at helping the economy recover from its first recession in 25 years.

    President Muhammadu Buhari announced a record budget of 8.6 trillion naira (£21.4bn) to modernise its infrastructure.
    Africa’s largest oil producer climbed out of recession in 2017 after a sharp fall in energy prices.

    President Buhari pledged to lift output and keep peace in the Niger Delta.

    In his speech, he said that Nigeria “cannot afford to go back to dark days of insecurity” in the oil-producing Niger Delta region.

    However, last week the militant group Niger Delta Avengers said it had ended a ceasefire and promised a “brutish, brutal and bloody” return to violence.

    Read Also Tanzania president John Magufuli sacks officials after TV scolding

    President Buhari said: “Though we cannot control the price of crude oil, we are determined to get our production back to at least 2.2 million barrels per day.”

    He added: “We will continue our engagement with the communities in the Niger Delta to ensure that there is minimum disruption to oil production.

    “We must all come together to ensure peace reigns in the Niger Delta.”

    The budget for 2018 is 16% higher than the previous year and will focus on critical sectors of the economy such as roads, health, housing and job creation.

    The country’s deficit is forecast to hit of 2.005 trillion naira, down from last year’s 2.36 trillion naira.

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    Long queues of vehicles at Ethiopian fuel stations amid nationwide fuel shortage crisis

    Ethiopia sends workers on leave amid fuel crisis

    March 30, 2026
    Boxes of KitKat chocolate bars loaded in a transport truck in Europe

    Over 400,000 KitKat chocolates bars stolen in Europe transit heist

    March 30, 2026
    Ondo NLC writes Aiyedatiwa, demands N256,950 minimum wage

    Aiyedatiwa fires all SSAs, SAs, to appoint 1000 new aides

    March 30, 2026
    Rabiu Musa Kwankwaso announcing defection from NNPP to ADC in Kano

    Kwankwaso joins ADC after dumping NNPP

    March 30, 2026
    AI facial recognition error jails US grandmother for five months

    AI facial recognition error jails US grandmother for five months

    March 30, 2026
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