FG slashes 2015 Budget again..as oil prices continue to crash ..

THE Federal Government has more than halved capital expenditure to less than 10 per cent of the 2015 budget spending, axing badly needed infrastructure investment due to the collapse in the price of oil, the country's main source of revenue, according to the full budget submitted to the national Assembly.

Even though government's capital spending seldom materialises as planned, shelving projects such as port upgrades and roads will only perpetuate the inefficiencies that have plagued Africa's most populous nation and biggest economy for decades.

The document, seen by Reuters, puts capital expenditure at N387 billion ($2 billion), or 8.9 per cent of total spending of N4.357 trillion.

This is a significant drop from the 2014 spending plans when capex, or capital expenditure, accounted for 23.7 per cent of projected government outlays.

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