Nigeria increases its space budget by more than 50% exbulletin.com

The approved budget is 20% higher than 2020, at a record 13.6 trillion ($ 35.66 billion). The budget assumes oil prices of $40 per barrel, 1.86 million barrels per day of crude output, and an annual economic growth rate of 3%.

The total FY21 allocation of the country’s spatial program is 33,168,967,785 (USD 86.5 million), an increase of 54% from the 2020 budget of USD 59.36 million). The budget is divided among the National Space Research and Development Agency (NASRDA) and its space centers, Nigeria Communications Satellite Limited (NigComSat) and the Defense Space Administration (DSA).

Funding to NigComSat will be used in projects such as the NigCoSat 2 satellite project and the NigComSat terrestrial satellite upgrade.