2018 proposed budget of consolidation in brief

by Opeoluwa Quadri

The President presented the proposed 2018 budget to a joint sitting of the National Assembly yesterday. The budget is tagged the budget of consolidation. Here is the key figures of the proposed budget in brief.

Budget estimate: N8.612 trillion (16 percent above 2017 budget)

Recurrent expenditure: N3.494 trillion

Debt Service: N2.014 trillion

Sinking funds (bonds): N220 billion

 

Capital expenditure : N2.428 trillion

Statutory transfers: N456 billion

Estimated total revenue: N6.607 trillion (Oil revenue :N2.442 trillion; non oil revenue : 4.165 trillion)

2018 proposed Budget Bench Mark

Benchmark oil price : US$45 per barrel

Oil production estimates: 2.3 million barrel per day

Exchange rate : N305/US$1 for 2018

Real GDP growth of 3.5 percent

Inflation rate of 12.4 %

In all total revenue for 2018 budget is : N6.607 trillion

Budget 2018: 8.612 trillion Deficit is : N2.1 trillion

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