Abuja: Nigeria's President Goodluck Jonathan signed a budget of USD 31 billion for 2012 anticipating an oil price of USD 72 per barrel in Africa's top oil producing nation. The President said while signing the spending plan, that the robust growth witnessed in the country's economy in recent times would be "translated into tangible and concrete improvement in living standards" of Nigerians.

He vowed to focus on investments in priority sectors and job creation for the sustenance of growth. The President signed a spending plan of USD 31 billion and set a benchmark oil price at USD 72 per barrel.

Development of infrastructure like electric power supply has been greatly undermined in the country where oil revenue sustains the federal government and 36 state administrations.

On Thursday, the country's finance minister who is also a candidate for World Bank presidency, Ngozi Okonjo-Iweala, warned that the excess crude account where state governors share revenue frequently was fast depleting.

The account helps the country in times when oil price drops and the president, during the budget signing, hinted that the amount makes provision for any eventual drop in oil revenue.

"Should the oil price drop today to USD 3.6 billion for this economy, it is not enough to take us for any length of time," Okonjo-Iweala had said.