No 11



Nigerias 2003 Budget Based On $22/B Oil Price

Nigerias National Assembly approved its fiscal 2003 budget on 6 March basing it on an oil price of $22/B, which is higher than the $18/B originally proposed by President Olusegun Obasanjo due to the recent climb in oil prices. The spending plan for 2003 is $7.68bn (976.254bn naira) which is up by 28% on the estimates the president sent to the National Assembly in November. The rise resulted from the need to improve...