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» 23.02.2010 - Nigeria appeals for power back-up
» 16.02.2010 - Devise local strategies to fight climate change
» 08.02.2010 - Nigeria approves hydro power plant
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» 27.01.2010 - Military helicopter kills four
» 20.01.2010 - Legislators reject motion to probe mass sackings
» 13.01.2010 - Giant Shell workers abducted in Niger Delta
» 05.01.2010 - Nigeria’s Central Bank refutes sack order reports

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Politics | Economy - Development

Nigeria pins budget performance on oil truce

afrol News, 22 April - Nigeria's Acting President, Goodluck Jonathan, has announced the country's budget of over US$ 30 billion, which will increase spending by almost 50 percent. But the spending depends on peace in the Niger Delta.

Mr Jonathan's government approves the budget with an envisaged deficit of over 20 percent pinning their hopes that the truce in the oil producing Niger Delta will hold and Nigeria could stabilise its production.

He hoped that the country would be able to maintain a production of 2.35 million barrels of crude per day, further hoping that the oil price would not go below the average of US$ 67 per barrel.

Acting President Jonathan has also said the Nigerian government would increase expenditure on the country's economic sectors that will bear fruit and lift the country out of its economic woes.

The Niger Delta militants were offered a truce deal by the ailing President Umaru Yar'Adua, last year, who has not be seen in public since checking into a clinic in Saudi Arabia and is now back in the country, reportedly still under intensive care. Many of the groups have since laid down their arms following several exchanges and amnesties.

Nigeria, which is rich in oil and natural gas resources, has not been able to realise its full production capacity due to militants' attacks and abductions in the Niger Delta.

Oil infrastructure and foreign workers had been under constant threat from militant groups claiming to fight for a fair share of the oil wealth for local inhabitants, as well as rogue groups seeking ransoms for self-enrichment.

The West African economic giant was overtaken by a new entrant, Angola, in recent months, as Africa's top oil producer.

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