Nigerias Buhari agrees record 2021 budget amid COVID-hit economy

Nigeria's President Muhammadu Buhari on Thursday gave his final agreement on the country's 2021 budget on New Year's Eve.

It sets a record of 13.5 billion Naira, or over 28 billion euros, which is about 20% higher than last year and comes as Africa's most populous country faces a recession in the wake of the coronavirus pandemic.

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Nigeria's economy is further squeezed as it is also the largest oil producer in sub-Saharan Africa and the coronavirus pandemic has slashed oil prices.

Growth is another key issue for Nigeria. The International Monetary Fund said it forecasts a decline in Nigeria's GDP of 5.4% for 2020, while the government is considering a contraction of 8.9%.

To cope, the state devalued the currency but that created high inflation. In October, food prices rose more than 17%.

According to the World Bank, the coronavirus crisis is expected to push five million more Nigerians into poverty.

Nigeria's President Muhammadu Buhari on Thursday gave his final agreement on the country's 2021 budget on New Year's Eve.

It sets a record of 13.5 billion Naira, or over 28 billion euros, which is about 20% higher than last year and comes as Africa's most populous country faces a recession in the wake of the coronavirus pandemic.

Nigeria's economy is further squeezed as it is also the largest oil producer in sub-Saharan Africa and the coronavirus pandemic has slashed oil prices.

Growth is another key issue for Nigeria. The International Monetary Fund said it forecasts a decline in Nigeria's GDP of 5.4% for 2020, while the government is considering a contraction of 8.9%.

To cope, the state devalued the currency but that created high inflation. In October, food prices rose more than 17%.

According to the World Bank, the coronavirus crisis is expected to push five million more Nigerians into poverty.

Nigeria's President Muhammadu Buhari on Thursday gave his final agreement on the country's 2021 budget on New Year's Eve.

It sets a record of 13.5 billion Naira, or over 28 billion euros, which is about 20% higher than last year and comes as Africa's most populous country faces a recession in the wake of the coronavirus pandemic.

Nigeria's economy is further squeezed as it is also the largest oil producer in sub-Saharan Africa and the coronavirus pandemic has slashed oil prices.

Growth is another key issue for Nigeria. The International Monetary Fund said it forecasts a decline in Nigeria's GDP of 5.4% for 2020, while the government is considering a contraction of 8.9%.

To cope, the state devalued the currency but that created high inflation. In October, food prices rose more than 17%.

According to the World Bank, the coronavirus crisis is expected to push five million more Nigerians into poverty.

Nigeria's President Muhammadu Buhari on Thursday gave his final agreement on the country's 2021 budget on New Year's Eve.

It sets a record of 13.5 billion Naira, or over 28 billion euros, which is about 20% higher than last year and comes as Africa's most populous country faces a recession in the wake of the coronavirus pandemic.

Nigeria's economy is further squeezed as it is also the largest oil producer in sub-Saharan Africa and the coronavirus pandemic has slashed oil prices.

Growth is another key issue for Nigeria. The International Monetary Fund said it forecasts a decline in Nigeria's GDP of 5.4% for 2020, while the government is considering a contraction of 8.9%.

To cope, the state devalued the currency but that created high inflation. In October, food prices rose more than 17%.

According to the World Bank, the coronavirus crisis is expected to push five million more Nigerians into poverty.

Nigeria's President Muhammadu Buhari on Thursday gave his final agreement on the country's 2021 budget on New Year's Eve.

It sets a record of 13.5 billion Naira, or over 28 billion euros, which is about 20% higher than last year and comes as Africa's most populous country faces a recession in the wake of the coronavirus pandemic.

Nigeria's economy is further squeezed as it is also the largest oil producer in sub-Saharan Africa and the coronavirus pandemic has slashed oil prices.

Growth is another key issue for Nigeria. The International Monetary Fund said it forecasts a decline in Nigeria's GDP of 5.4% for 2020, while the government is considering a contraction of 8.9%.

To cope, the state devalued the currency but that created high inflation. In October, food prices rose more than 17%.

According to the World Bank, the coronavirus crisis is expected to push five million more Nigerians into poverty.

Nigeria's President Muhammadu Buhari on Thursday gave his fina