Reuters: Nigeria’s Senate approved a 4.608 trillion naira budget proposal for 2010 on Thursday, up from an initial 4.079 trillion naira spending plan proposed by the presidency.
The budget assumes an average oil price of $67 per barrel and oil production of 2.35 million barrels per day. It also pegs the exchange rate at 150 naira to a dollar and economic growth of 5.47 percent.
“The 2010 budget is based on government’s determination to stimulate the economy out of the recent global economic crisis through targeted fiscal interventions,” the bill said. (continue reading…)