Nigeria's finance minister presents $29 billion budget for 2014, lower because of oil theft

ABUJA, Nigeria – Nigeria's finance minister says the budget of 4.642 trillion naira ($29 billion) for 2014 is lower than last year's because of oil thefts and lower customs duties.

Minister Ngozi Ikonjo-Iweala said the budget proposal presented to lawmakers Thursday includes capital expenditure of 1.1 trillion naira ($6.88 billion), 27 percent of the total, with the rest going to running the government.

She set expected government revenue for 2014 at 3.73 trillion naira ($23.3 billion), a deficit of 1.9 percent of GDP.

The budget for Africa's biggest oil producer is based on oil selling at $77.5 a barrel, a compromise between the executive's proposal of $74 and lawmaker's demands for a $79 a barrel benchmark. The dispute had delayed the budget for weeks.

Last year's budget was $29.3 billion.