The Nigerian government has revealed plans to cut the 2019 budget to reduce the level of borrowing and increase revenue.

Minster of Budget and National Planning, Senator Udoma Udo Udoma disclosed this on Thursday.

This revelation comes just a day after the National Assembly gave the government a go-ahead to borrow $2.8 billion from Europe.

Udoma told reporters that next year’s budget was planned to be 5.15% lower than this year at 8.65 trillion naira.

The minister was presenting the 2019-2021 Medium Term Fiscal Framework & Fiscal Strategy Paper, a draft document on which the budget is based.

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The fiscal paper needs to be approved by the government and parliament before the budget is finalised.

Udoma said the government earned 2.48 trillion naira in the first eight months of this year, compared with 2.6 trillion-naira last year, helped by higher oil prices.

Oil production, which Nigeria relies on for about two-thirds of government revenues, was at 1.9 million barrels per day in the second quarter, against an estimated 2.3 million barrels per day, budgeted for 2018, Udoma said.

The draft budget ministry document showed that Nigeria could earn 306 billion naira via privatisations in 2018 and another 5 billion naira from the sale of non-oil assets.

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