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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---


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