Nigeria president proposes $29.3B national budget, with oil production slightly rising
{{#rendered}} {{/rendered}}Nigeria's president proposes a $29.3 billion federal budget in 2013 for the oil-producing nation, predicting a slight increase in the crude produced each month.
President Goodluck Jonathan presented his budget Wednesday to a rare sitting of both chambers of the nation's National Assembly. Jonathan said the government anticipated pumping 2.53 million barrels of oil a day from the country's Niger Delta. He said the budget anticipates that oil will sell for about $75 a barrel.
He said the country's gross domestic product should rise by 6.5 percent next year. He also announced new taxes on imported raw and refined sugar and rice.
{{#rendered}} {{/rendered}}While Jonathan promised to knock down national debt, analysts remain concerned about corruption and fiscal mismanagement in the country. Nigeria also faces violent protests by Islamic extremists.