Buhari announces plan for hefty cuts in government spending and reduction of imports LAGOS, May 7— Nigerias military head of state, Maj. Gen. Mohammed Buhari, announced a tough austerity budget today for 1984 featuring hefty cuts in Government spending, higher interest rates and cuts in credit growth. General Buhari said in a nationwide broadcast that Government spending this year would be cut by 15 percent from a budget presented by the ousted civilian Government only two days before its overthrow on New Years Eve. He said the Government would continue to try to cut imports, while giving priority to raw materials and spare parts for industry and agriculture, to reduce the countrys balance of payments deficit. General Buhari also said the Government would make every effort to keep oil production, which accounts for more than 90 percent of foreign exchange, up to the 1.3-million-barrels- a-day quota set by the Organization of Petroleum Exporting Countries. NY times 8 may 1984
Posted on: Mon, 15 Dec 2014 08:34:11 +0000
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