Nigeria has already released its budget for 2018. It is said to help to recover the economy of the country substantially, from its first recession in twenty-five years.
Muhammadu Buhari, the president of the country, has released a budget of more than 8.6 trillion naira (over 21.4 billion pounds) to renovate its infrastructure. Nigeria is the largest oil producer in Africa. In 2017, the country climbed out of recession after a quick drop in energy prices.
President Muhammadu Buhari has already promised to raise production and maintain peace in the problematic Niger Delta. Additionally, the president of the most populated country in Africa told that Nigeria cannot afford to return to dark days of uncertainty in the oil-producing Niger Delta region.
Notwithstanding such a declaration, several days ago Niger Delta Avengers, the notorious militant group, announced about the finishing of cessation of hostilities. It also guaranteed a brutal, brutish, and bloody revisit to severe violence.
In particular, Muhammadu Buhari informed: “Though we do not control the cost of crude oil, we must get our daily production back to minimum 2.2 million barrels. We will undoubtedly keep on our commitment with all the communities in the Niger Delta to guarantee that there is the smallest amount of disruption to oil production. We must all come together to ensure peace reigns in the Niger Delta.”
The announced Nigerian budget for 2018 is almost 15% higher than the preceding year. It will undoubtedly center on such critical sectors of the economy as health, roads, employment, and housing. Nigeria`s budget deficit is forecast to hit of more than 2.0048 trillion naira, down from 2016's 2.357 trillion naira.