Nigerian president approves $2 bln stimulus plan

Yar'Adua has approved a $2 billion economic stimulus package from the OPEC member's windfall oil savings, a government source said.

Nigerian president approves $2 bln stimulus plan

Nigerian President Umaru told Reuters on Monday.

"It's true that Mr. President has approved the stimulus package for the economy as proposed by the economic team," said the source, who wished not to be identified.

"The stimulus package is $2 billion from the excess crude account, but subject to the ratification of the National Economic Council," the source said.

Nigeria is the world's eight-biggest crude oil exporter and its economic outlook has been clouded by falling global energy prices, which have eaten into earnings and risked eroding its foreign reserves. More than 80 percent of government revenue comes from the oil and gas sector.


Reuters

Last Mod: 05 Ekim 2009, 14:54
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