Wires

Nigeria president presents $31.35 bln budget to assembly

ABUJA, Oct 10 (Reuters) - Nigeria's President GoodluckJonathan presented a 4.93 trillion naira ($31.35 billion) budgetto parliament for 2013 on Wednesday, increasing spending butshinking the deficit and cutting the share taken by recurrentexpenditure.

The budget proposal asssumes oil production of 2.53 millionbarrels per day (bpd), up slightly from 2.48 million bpd thisyear, and a global oil price of $75 a barrel, up from $72 abarrel in this year's budget.

The fiscal deficit and domestic borrowing would come down to2.17 percent of GDP, from 2.85 percent previously, assuming theeconomy grows at 6.5 percent, he said -- a lower projection thanthis year's expected 6.85 percent growth.

He added that the government would issue a $1 billionEurobond to finance a gas pipeline for domestic use.

($1 = 157.2700 naira)

(Reporting by Camillus Eboh; Writing by Tim Cocks)

((tim.cocks@thomsonreuters.com; +234 803 400 4248;))

Keywords: NIGERIA BUDGET/PRESENTATION

Related Tags