Africa Map

African Press Agency

African Press Agency Logo
   

 Home
 Culture/Media/IT
 News
 Environment/Natural Resources
 Events
 Religion/Civilisation
 Business/Finance
 Global Conflicts/Terrorism
 Features
 Sports
 Science & Tech
 Economic & Social Development
 Energy/Mining
 Country Profile
 Useful Links
 Contact us

Business/Finance

NIGERIA/SPENDING PLANSBack
[Published: Friday October 17 2008]

Nigeria cuts spending plans as oilprice falls

Abuja , 18 Oct-(ANA)- Nigeria has cut back its spending plans for nextyear, Finance Minister Shamsuddeen Usman said on Friday, as falling globalcrude prices erode revenue forecasts.

The 2009 budget been expectedto go before parliament last week, but a sharp drop in oil prices over the pastthree months has played havoc with the assumptions on which the spending plansare based.

"Clearly, the (2009)budget has been reduced downward and there have been a number of very seriousmeasures taken to reduce expenditure," Usman told reporters after anextraordinary cabinet meeting to discuss the budget.

He said President UmaruYar'Adua would present the budget proposal to parliament in the coming days anddeclined to give any further details before then.(ANA)

FA/ANA/18 October 2008---


North South News website

Advertise banner

News icon US/Refugees
News icon Koreas/Talks
News icon Israel/Gaza
News icon US/Senate
News icon Germany/Emissions
News icon US/China
News icon Russia/Israel
News icon Amnesty/Cameroon
News icon Yemen/Amnesty
News icon US/PLO

AFRICAN PRESS AGENCY Copyright © 2005 - 2007