President of Nigeria, Dr Goodluck Jonathan has signed the 2014 budget into law. The government plans to spend 4.7 trillion Naira ($29 billion) during the fiscal year. The country based this year’s budget on a crude oil production of 2.39 million barrels per day, at a benchmark price of $77.5 per barrel. Exchange rate against the dollars has been pegged at 160 Naira

The budget passage had been delayed for five months over disputes with lawmakers. The opposition lawmakers in the nation’s House of Representatives had vowed to frustrate the budget passage late in 2013, but subsequently soft pedalled after nationwide condemnation.

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