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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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    Turaki led PDP asks Amupitan to explain Wike’s gifts to INEC staff

    Turaki says Supreme Court judgement creates PDP leadership crisis

    April 30, 2026
    Supreme Court restores David Mark as ADC chairman

    Supreme Court restores David Mark as ADC chairman

    April 30, 2026
    Tinubu nominates Tegbe as minister of power

    Tinubu nominates Tegbe as minister of power

    April 30, 2026
    EU pushes consent-based rape definition across bloc

    EU pushes consent-based rape definition across bloc

    April 30, 2026
    Mock-up of a US commemorative passport featuring Donald Trump portrait and America250 anniversary design elements.

    US to issue limited-edition Trump commemorative passports

    April 30, 2026
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