President Muhammadu Buhari has delivered on his promise to present the 2018 budget on Tuesday.
The president proposed N8.6trn for the 2018 financial year.
Buhari made this known at the Joint Session of the National Assembly on Tuesday in Abuja, during the presentation of the 2018 Budget Proposal.
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."
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.