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Obasanjo aims to slash budget deficit

    ABIDJAN
    President Olusegun Obasanjo said he aimed this year to slash by more than 90 percent the budget deficit he inherited from the previous regime, news organisations reported. Presenting a revised budget on Tuesday at a joint session of the National Assembly, Obasanjo said the amended budget, calculated on the basis of US $15 per barrel of oil, would leave a deficit of 24.7 billion naira by the end of this year compared to the 256 billion naira he inherited from the previous military regime. (US $1 is equivalent to 100.3 naira) His government also plans to increase crude oil production from two to three million barrels a day during its four-year term of office. "Government will maintain a tight fiscal stance despite increased oil revenue," Obasanjo said.

    This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

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