Abuja - Nigeria's budget deficit is now 1 percent of GDP following a rebasing of its gross domestic product (GDP) from 1.9 percent.
The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, disclosed this after President Goodluck Jonathan signed the budget for 2014.
Jonathan signed the N4.64 trillion budget late on Friday.
The budget was passed in April, despite earlier threats by the main opposition All Progressives Congress (APC) to block it in the National Assembly.
Nigeria recalculated its GDP in April, which pushed it ahead of South Africa to become Africa's top economy.
The new figure also shrank Nigeria's debt-to-GDP ratio to 11 percent for 2013, against 19 percent in 2012.
The 2014 budget assumes oil earning at $77.5 a barrel and production of 2.388 million barrels a day.
The price assumption is seen as conservative, whereas the output assumption is seen as over optimistic due to frequent production shut ins caused by oil theft and vandalism of oil industry infrastructure, economists say.
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