Nigeria raises borrowing in budget as oil prices fall

The Nigeria president Muhammadu Buhari has announced plans to raise spending by 20% next year by borrowing heavily amid falling oil prices in his first budget since his election victory in March as he would spend 31 billion dollars in 2016 on infrastructure and the economy.

The president pledged to improve tax collection and invest in other industries including mining and agriculture and explained that the country needs to move away from dependency on oil and expected Nigeria's economy to grow by 4.4% in 2016

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