President Muhammadu Buhari has proposed a budget of N8.612 trillion for the year 2018.
The President gave the breakdown of the 2018 Appropriation Bill, while addressing a joint session of the National Assembly on Tuesday.
President Buhari told the lawmakers that the proposal is based on an oil benchmark of $45 per barrel, an oil production rate of 2.3 million barrels per day, an exchange rate of 3.5 percent, inflation rate of 12.4 percent and a real GDP growth of 3.5 percent.
According to the President, out of the N8.612tn, N3.494tn has been proposed for recurrent expenditure, and N2.428tn for capital expenditure – excluding the capital component of statutory transfers.
The Buhari administration plans to use N2.014tn for debt service, N46bn for statutory transfers and N220bn as sinking fund to retire maturing bonds and pay local contractors.
More to follow…