Nigeria’s economy will grow 5.5 percent in 2015, down from an earlier projection of 6.4 percent, due to lower oil revenues, according to the budget the finance minister presented to parliament on Wednesday.
The 4.3 trillion naira budget ($23 billion) rests on a benchmark oil price of $65 a barrel, down from $77.5 in the 2014 budget,Finance Minister Ngozi Okonjo-Iweala said.
Speaking to parliament on the dynamics of the budget, shesaid the 2015 budget is focused on economy diversification.
“The key of the budget is focused on the diversification of the economy and it’s been working because food prices has not risen, inspite of the depreciation of the naira,” the minister said.
“If you check all around the market, you will discover that the average Nigerian is enjoying stable food prices and in some places like Enugu, you discover that the price of Harry has fallen.
“Inflation rate as estimated by the Nigerian bureau of statistics from 8.1% to 7.1%.
“We have made up for the fall of $13per barrel from $78 to $65 by raising more non-oil revenue through various types of taxes and policies.
“A surcharge is luxury goods is there plus additional tax effort to close leakages in revenues”, she said.