President Muhammadu Buhari onTuesday, presented the 2018 budget proposals to the joint session of the National Assembly. Below is the breakdown of the budget.
Budget size: N8.612 trillion (16 % higher than 2017 estimates)
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 per cent
• Inflation Rate of 12.4 per cent
The proposed aggregate expenditure of N 8.612 trillion (16 per cent above 2017 budget estimate)
• 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 (excluding the capital component of statutory transfers).