Africa's most populous country has been hit hard by the coronavirus pandemic, insecurity and a slump in global oil prices vital to its petroleum-reliant economy.
The government said Wednesday that a Senate committee had approved spending plans for the next three years, called the Medium-Term Expenditure Framework , which forecasted gross domestic product growth of 4.2 percent and inflation of 13 percent for 2022.
Those figures are an increase from 1.47 mbpd oil production this year, when the budget was based on $40 per barrel. The Senate committee recommended the MTEF, saying it was"designed deliberately to minimise the adverse socio-economic consequences of the unabating COVID-19 pandemic and other crises peculiar to our country".
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