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FACTS AND FIGURES: HOW 2108 BUDGET WILL AFFECT YOU

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)
will comprise
• 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).