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President Buhari Presents N8.6trn Budget 2018 Proposal To National Assembly

President Buhari Presents N8.6trn Budget 2018 Proposal To National Assembly

by | 8th November 2017
Muhammadu Buhari

President Muhammadu Buhari on Tuesday presented the 2018 appropriation bill to the joint session of the National Assembly.

 

He proposed N8.6trn for the 2018 financial year.

 

Buhari said that 30.8 percent of the budget proposal had been dedicated to capital expenditure, while N3.494 trillion had been set aside for recurrent expenditure.

 

According to him, N2.014trillion of the budget has been set aside for debt servicing.

 

He further stated that the 2018 appropriation was under pin by an oil bench mark of 45 dollars per barrel, oil production level of 2.3 million barrel per day and exchange rate of N305 to the dollar.

 

While reviewing the performance of his administration, Buhari noted that N1.2 trillion had so far been expended on execution of capital projects through 2016 budget.

 

The President assured that the 2018 budget would be a consolidation of the earlier ones, noting that 2018 is expected to be a year of better outcomes, while describing the document as “Budget of Consolidation.”