A budget of N4.3 trillion was on Wednesday presented separately to the two chambers of the National Asssembly by the minister for finance, Dr Ngozi Okonjo-Iweala.
Dr. Okonjo-Iweala said the budget was predicated on the benchmark of $65 per barrel with expected production of 2.27 million barrels of oil per day.
The minister said the revised GDP growth of the country projected at 5.5% for next year was the best growth rates in the world. She also explained that next year’s budget would facilitate the diversification of the economy.
“The key of the budget is focused on the diversification of the economy and it’s been working because food prices has not risen, inspite of the depreciation of the naira,” the minister said.
“If you check all around the market, you will discover that the average Nigerian is enjoying stable food prices and in some places like Enugu, you discover that the price of Harry has fallen.
“Inflation rate as estimated by the Nigerian bureau of statistics from 8.1% to 7.1%.
“We have made up for the fall of $13per barrel from $78 to $65 by raising more non-oil revenue through various types of taxes and policies.
“A surcharge is luxury goods is there plus additional tax effort to close leakages in revenues”, she said.