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LequteMan
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Nigeria- According to Reuters, the federal government of Nigeria has more than halved capital expenditure for the year to less than 10% of the 2015 budget, following the oil price collapse, Nigeria's main source of revenue.
The 2015 budget now puts capital expenditure at 387 billion naira ($2 billion), or 8.9 percent of total spending of 4.357 trillion naira.
This is a significant drop from the 2014 spending plans in Africa's biggest oil producer, when capex, or capital expenditure, accounted for 23.7 percent of projected government outlays.
It is also only just over half the 634 billion naira that finance minister Ngozi Okonjo-Iweala, in her December budget presentation, said would go on capital expenditure and related items.
Even though Nigeria's capital spending seldom materialises as planned, shelving projects such as port upgrades and roads will only perpetuate the inefficiencies that have plagued Africa's most populous nation and biggest economy for decades.
#Nigeria #Reuters
The 2015 budget now puts capital expenditure at 387 billion naira ($2 billion), or 8.9 percent of total spending of 4.357 trillion naira.
This is a significant drop from the 2014 spending plans in Africa's biggest oil producer, when capex, or capital expenditure, accounted for 23.7 percent of projected government outlays.
It is also only just over half the 634 billion naira that finance minister Ngozi Okonjo-Iweala, in her December budget presentation, said would go on capital expenditure and related items.
Even though Nigeria's capital spending seldom materialises as planned, shelving projects such as port upgrades and roads will only perpetuate the inefficiencies that have plagued Africa's most populous nation and biggest economy for decades.
#Nigeria #Reuters