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| Nigeria's President, Muhammadu Buhari presents 2018 budget to the National Assembly. |
Nigeria’s President, Muhammadu Buhari has proposed N8.6trn for the 2018 financial year.
President Buhari disclosed this at the Joint Session of the National Assembly on Tuesday, November 7 in Abuja, Nigeria’s capital during the presentation of the 2018 Budget Proposal.
The President said during the presentation that the capital projects that were not implemented in 2017 would be carried over into 2018.
The 2018 Budget which has been tagged as the Budget of Consolidation, will return to a cycle that starts from January and ends in December 2018.
30.8% of the 2018 Budget will be for Capital Expenditure. The breakdown of 2018 budget presented by the President, shows that the Proposed Recurrent Expenditure will take N6.18tn, Proposed Capital Expenditure will at N2.42tn, bringing the total proposed budget size to N8.6tn.
Check out the breakdown of the 2018 budget estimates below:.................
Assumptions
- Benchmark Oil Price - $45 per barrel
- Oil Production: 2.3mbpd
- Exchange rate: N305/$1
- Inflation Rate: 12.4%
- Recurrent Costs of N3.494 trillion
- Debt Service of N2.014 trillion
- Statutory Transfers of about N456 billion
- Sinking Fund of N220 billion
- Capital Expenditure of N2.428 trillion
- 87 billion for Interior
- 01 billion for Education
- 43 billion for Defence
- 34 billion for Health
- 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.
Key projects and programmes to be implemented in 2018:
- N9.8 billion for the Mambilla hydropower project, including N8.5 billion as counterpart
- N12 billion counterpart funding for earmarked transmission lines and substations
- N35.41 billion for the National Housing Programme
- N10.00 billion for the 2nd Niger Bridge
- About N300 billion for the construction and rehabilitation of strategic roads
- 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.
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