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April 13, 2012 – 1:57 pm | Views: 459

ABUJA (Reuters) – Nigerian President Goodluck Jonathan signed the 2012 budget into law on Friday,

reducing total spending to 4.697 trillion naira from the 4.88 trillion proposed by parliament last month.

Nigerian President 

Goodluck Jonathan gestures during an interview with Reuters at the Presidential Villa in Abuja January 26, 2012.    

REUTERS/Afolabi Sotunde

Nigerian President Goodluck Jonathan gestures during an

interview with Reuters at the Presidential Villa in Abuja January 26, 2012. REUTERS/Afolabi Sotunde

The spending plans assume a $72 benchmark oil

price, any earnings over which are saved into the excess crude account. Nigerian lawmakers often inflate spending plans. The

finance ministry had initially proposed spending of 4.65 trillion naira.

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Nigerian president signs 2012 budget, trims spending

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