Nigeria: 2012 growth revised to 6-7 percent

“We hope to get inflation down to the low double-digits or high single-digits by the end of the year,” Okonjo-Iweala said.

The economy of Nigeria has been one of the fastest growing in the world.

The finance ministry also revealed Wednesday, that Nigeria has already spent half its 2012 budget for a massive fuel consumption subsidy on arrears for last year, raising the prospect it may have to scrap the scheme or issue debt just to sustain it.

The government attempted to remove the subsidy in January but popular protest forced its partial reinstatement.

Okonjo-Iweala said January had been “a slow month” because of the strikes that shutdown economic activity during protests.

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