Nigeria’s President Buhari presents N10.33 trillion 2020 budget to parliament

ABUJA, Oct 8 (Reuters) – Nigerian President Muhammadu Buhari presented a record 10.33 trillion naira ($33.8 billion) budget for 2020 to lawmakers on Tuesday, the first spending plan of his second term after he was re-elected in February.

The plan for Africa’s top oil exporter assumes crude production of 2.18 million barrels a day and an oil price of $57 per barrel. As is customary, the budget must still be approved by parliament before being signed into law by Buhari — a process that can take months. (Reporting by Camillus Eboh in Abuja; Writing by Alexis Akwagyiram; Editing by Catherine Evans)