Budget | - Part 3

Nigeria’s President to submit 2017 fiscal budget to legislatures on Dec.14

LAGOS (Capital Markets in Africa) – Nigeria’s President Muhammadu Buhari plans to submit next year’s spending plan to lawmakers on Dec. 14, according to a letter read to parliament on Tuesday, with government sources saying the 2017 budget would be 7.2 trillion naira ($23.65 billion). The record spending plan will seek to boost spending to help pull Africa’s largest economy out of its first recession in 25 years, caused largely by low global oil prices….

Nigerian lawmakers say 2017 draft budget has unrealistic assumptions

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ABUJA (Capital Markets in Africa) – A draft budget framework for 2017 submitted to parliament by Nigerian President Muhammadu Buhari is based on unrealistic assumptions about oil production and the currency exchange rate, lawmakers said on Wednesday. Nigeria slid into recession in the second quarter for the first time in 25 years , largely because oil price fell. Crude oil sales account for 70 percent of government revenue. The budget plans, which include spending a record…

Africa’s Economic Growth: It’s Not All Doom and Gloom

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LAGOS (Capital Markets in Africa) – Angola unveils $44 billion 2017 budget, sees economic growth of 2.1 percent. Angola, which has been hard hit by depressed oil prices, on Friday unveiled a 2017 budget of 7.3 trillion kwanza ($44.22 billion) with a budget deficit of 5.9 percent of gross domestic product. Aia–Eza Silva, the budget state secretary, told reporters the budget forecasts sub-Saharan Africa’s third-largest economy to grow 2.1 percent next year compared with estimates…

Ghana Cedi Falls as Government Wage Bill Exceeds Projections

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ACCRA (Capital Markets in Africa) – Ghana’s currency retreated on Monday after government data showed the West African nation is overshooting key budget targets as it approaches elections in December. The government spent 58 percent of its full-year budget for state-worker pay in the first six months of 2016, exceeding annual allocations for local government and rural development employees, according to budget documents, raising questions about the country’s commitment to rein in the fiscal deficit as…

South Africa Posts 8.6 Billion-Rand Trade Deficit in August

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s trade balance swung to a deficit in August after three months of surpluses as shipments of precious metals and stones, which include gold and diamonds slumped. The 8.6 billion-rand ($619 million) deficit compares with a revised surplus of 5 billion rand in July, the Pretoria-based South African Revenue Service said in an e-mailed statement on Friday. The median of 10 economist estimates compiled by Bloomberg was for a surplus of 1.6…

Nigeria Mulling Oil Assets Sale That Could Reshape Industry

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LAGOS, Capital Markets in Africa: Nigeria’s possible sale of some of its oil and gas assets to raise money and boost the contracting economy in Africa’s most populous country could reduce the government’s influence over its biggest industry. President Muhammadu Buhari’s economic advisers are working on a plan “to generate immediate large injection of funds into the economy through asset sales, advance payment for license rounds, infrastructure concessioning,” to help deal with the slump in oil…

Angolan parliament approves smaller 2016 budget due to low oil price

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LUANDA, Capital Markets in Africa: Angola’s parliament on Monday approved a smaller 2016 budget than it had originally planned, after lower oil prices hammered state revenues in Africa’s largest crude exporter. The finance ministry said in July government that spending would be cut to $24 billion from $30 billion projected in the original 2016 budget after projected revenues were slashed to $18 billion from $24.4 billion. “The 2016 state budget revision that we just approved…

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