Abuja - Nigerian President Goodluck Jonathan signed the 2012 budget into law on Friday, reducing total spending to 4.697 trillion naira ($29.81bn) from the 4.88 trillion proposed by parliament last month.
The spending plans assume a $72 benchmark oil price, any earnings over which are saved into the excess crude account. Nigerian lawmakers often inflate spending plans. The finance ministry had initially proposed spending of 4.65 trillion naira.