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