Nigeria’s Buhari proposes record $47.3B budget for 2023

By CHINEDU ASADU
Associated Press

ABUJA, Nigeria (AP) — Nigerian President Muhammadu Buhari is making a big bet to revive the West African nation’s economy and end its security woes with a record 20.5 trillion naira ($47.3 billion) proposed expenditure plan presented lawmakers in the capital city of Abuja on Friday. Buhari told lawmakers on Friday that the proposed budget contains “key reforms” needed to address Nigeria’s biggest challenges. He said the 2023 budget was prepared amid a very challenging world economy that is weakened by the lingering effects of the COVID-19 pandemic, high inflation, high crude oil prices resulting in the huge cost of a subsidy on gasoline and the negative impact of the Russia-Ukraine war.” Buhari is to leave office next year after general elections.