Nigeria’s cabinet approved a 20 percent increase in spending proposals next year, taking the figure to 7.3 trillion naira ($23.3 billion), according to the Budget and Planning Ministry. President Muhammadu Buhari will probably present details of the spending plan to the lawmakers on Dec. 8, the ministry’s spokesman Akpandem James said Thursday by phone from the capital, Abuja, citing communication from Budget Minister Udoma Udo Udoma after a cabinet meeting. Lawmakers in the Senate and the House of Representatives will debate the budget proposals and return an approved version to the president to sign into law, he said. The increased spending proposal from 6.1 trillion this year signals the government’s determination to stimulate the economy of Africa’s most populous nation that’s forecast by the International Monetary Fund to contract by 1.7 percent in 2016. The Senate earlier rejected the government’s spending plan for the next three years, as well […]