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Wednesday, November 8, 2017

President Buhari's 2018 Budget presentation in a snap

President Muhammadu Buhari has presented the 2018 budget proposal before the joint session of the Senate and House of Representatives. President Buhari whose speech was drew applause of the lawmakers described the budget as that of “consolidation’’ and gave the hope that 2018 would be a better one. 

The budget, he said, was prepared and dedicated to the country’s economic recovery and growth. He appealed to the militants in the oil rich Niger Delta not to revert to violence or engage in destruction of oil and gas facilities and advised that dialogue was the key in ensuring peace and development.

“We must come together to address our grievances. Threat and violence is not the way out.’’

Buhari also appealed to members of the National Assembly to treat with budget estimate with all seriousness so that the country could revert to its January to December fiscal year.

The snap summary of Nigeria's 2018 budget proposal are as follows: 
(1) Budget size: N8.612 trillion 

(2) Assumptions
- Benchmark crude oil price-US$45 per barrel
- Oil production estimate – 2.3 million barrels per day
- Exchange rate – N305/US$ for 2018
- Real GDP growth of 3.5%
- Inflation Rate of 12.4%

(3) Expenditure Estimates
The proposed aggregate expenditure of N 8.612 trillion
• Recurrent Costs of N3.494 trillion
• Debt Service of N2.014 trillion
• Statutory Transfers of about N456 billion
• Sinking Fund of N220 billion (to retire maturing bond to local contractors)
• Capital Expenditure of N2.428 trillion

(4) Recurrent Expenditure
A substantial part of the recurrent cost proposal for 2018 is for the payment of salaries and overheads in key ministries providing critical public services such as:
N510.87 billion for Interior
N435.01 billion for Education
N422.43 billion for Defence
N269.34 billion for Health

(5) Capital Expenditure
• Power, Works and Housing: N555.88 billion
• Transportation: N263.10 billion
• Special Intervention Programmes: N150.00 billion
• Defence: N145.00 billion
• Agriculture and Rural Development N118.98 billion
• Water Resources: N95.11 billion
• Industry, Trade and Investment: N82.92 billion
• Interior: N63.26 billion
• Education N61.73 billion
• Universal Basic Education Commission: N109.06 billion
• Health: N71.11 billion
• Federal Capital Territory: N40.30 billion
• Zonal Intervention Projects N100.00 billion
• North East Intervention Fund N45.00 billion
• Niger Delta Ministry: N53.89 billion
• Niger Delta Development Commission: N71.20 billion.

(6) Key projects and programmes to be implemented in 2018:
N9.8 billion for the Mambilla hydro power project
- N12 billion counterpart funding for earmarked transmission lines and substations
- N35.41 billion for the National Housing Programme
- N10 billion for the 2nd Niger Bridge
- About N300 billion for the construction and rehabilitation of strategic roads

(7) Regional Spending Priorities for Peace, Security and Development
- N65 billion for the Presidential Amnesty Programme has been retained in the 2018 Budget
- Capital provision for the Ministry of Niger Delta increased to N53.89 billion from the N34.20 billion provided in 2017
- Completion of East-West Road, with a provision of about N17.32 billion in 2018

To watch the video of the 2018 Appropriate bill presentation ceremony, press the PLAY button below:

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