Nigerian President Goodluck Jonathan presented the country’s 2013 budget to parliament on Wednesday, saying the budget deficit would fall to 2.17 percent of gross domestic productin 2013, down from 2.85 percent in 2012.

He urged parliament to accept a tighter budget because of ongoing uncertainty over oil prices. Oil makes up around 80 percent of Nigeria’s revenues.

“This threat of oil price volatility remains constant and forces us to rely on a prudent methodology … We’ve taken necessary steps to mitigate possible negative effects … of a global recession,” he said.

Source: Reuters