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President Buhari Presents N8.612tn Budget Of Consolidation For 2018

President Buhari Presents N8.612tn Budget Of Consolidation For 2018

President Muhammadu Buhari, yesterday, presented an appropriation bill of 8.612 trillion naira for 2018 at the National Assembly. While presenting the document, the President, said the budget is meant to consolidate the achievements of previous budgets.

The proposed budget was increased by 16 per cent, compared to the 2017 appropriation bill of 7.298 trillion. The aggregate expenditure consists of recurrent costs of 3.494 trillion naira; debt service of 2.014 trillion naira; statutory transfers of 456 billion naira; sinking fund of 220 billion naira; and capital expenditure of N.428 trillion naira.

The budget is expected to result in a deficit of 2.005 trillion, amounting to 1.77 percent of the country’s gross domestic product (GDP).

President Buhari tagged it as the 2018 Budget of ‘Consolidation’, and said it is expected to consolidate on the gains of the 2017 budgets. He further noted that it will help “to actualise the economic growth recovery plan of this administration.” He added:  “2018 is expected to be a year of positive and better outcomes.”

Meanwhile, the education sector was allocated less than the 26 percent of national budget recommended by the United Nations. The sum of 605.8 billion naira was allocated to the sector, while 435.1 billion naira for recurrent expenditure, 61.73 billion naira for capital expenditure and 109.06 billion naira for the Universal Basic Education Commission.

The 2018 budget was based on a crude oil benchmark price of US $45 per barrel, with an output of Oil production estimate of 2.3 million barrels per day, compared to that of 2017 which was of $42.50 per barrel, and output was put at 2.2 million barrels per day.

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Nigeria Info FM

November 8th, 2017

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