Buhari presents biggest budget
President Muhammadu Buhari has presented the 2018 budget, to the tune of N8.612 trillion to the National Assembly.
The budget happens to be the country’s biggest ever
Addressing a joint session of the Senate and House of Representatives in Abuja Tuesday, the President said the budget was based on an exchange rate of 305 naira to the dollar and a projected oil output of 2.3 million barrels per day at an assumed price of $45.00 dollars per barrel.
President Muhammadu Buahri arrived the green chamber around five minutes before 2pm on Tuesday to read to listening audience the budget of consolidation.
After exchange of pleasantries, the President assured lawmakers that the 2018 budget would be a consolidation of the earlier ones, as it’s expected to be a year of better outcomes.
The president said he was targeting Jan. 1, 2018 for the passage of the bill.
Reading out the specifics of the document he said that the deficit is expected to be 2.005 trillon naira while the real economic growth is estimated at 3.5 percent for 2018.
Buhari said the government would continue to develop infrastructure and increase investments in agriculture to attain food security and reduce importation.
He assured that the government was committed to identifying alternative means of funding new projects, through public private partnership, to provide more infrastructures in the country.
President Buhari further disclosed that the proposed 8.612 trillion Naira of 2018 Aggregate Expenditure comprises, three point five trillion naira recurrent costs, two trillion naira for debt service, four hundred and fifty-six billion naira for statutory transfers as well as two point four two eight trillion naira for capital expenditure.
This he said would stimulate the economy and take farther from recession.
In their separate addresses leaders of the national assembly hammered on the need for cordial relationship between the executive and the legislature for full implementation the budget and good of the citizenry.
Other Key capital spending allocations in the 2018 Budget highlighted by the president include; Power, Works and Housing: N555.88 billion, Transportation: N263.10 billion; Special Intervention Programmes: N150.00 billion; Defence: N145.00 billion; Agriculture and Rural Development N118.98 billion and Water Resources: N95.11 billion.
Other allocation are; Industry, Trade and Investment: N82.92 billion; Interior: N63.26 billion; Education N61.73 billion; Universal Basic Education Commission: N109.06 billion; Health: N71.11 billion and the Federal Capital Territory: N40.30 billion.
The president also said all ongoing capital projects would be rolled over to the 2018 fiscal.