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President Muhammadu Buhari
 
The 2018 national budget is expected to give Nigerians a new lease of life as capital projects will be developed to make the country a better place. Follow details about the 2018 appropriation bill below:
 
Budget size: N8.612 trillion (16 % higher than 2017 estimates)
 
Assumptions, projections
 
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• Benchmark crude oil price-US$45 per barrel
 
• Oil production estimate – 2.3 million barrels per day
 
• Exchange rate – N305/US$ for 2018
  
• Real GDP growth of 3.5 per cent
 
• Inflation Rate of 12.4 per cent
 
 
Expenditure Estimates
 
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The proposed aggregate expenditure of N 8.612 trillion (16 per cent above 2017 budget estimate) will comprise
 
• Recurrent Costs of N3.494 trillion
 
• Debt Service of N2.014 trillion
 
• Statutory Transfers of about N456 billion
 
• Sinking Fund of N220 billion (to retire maturing bond to local contractors)
 
• Capital Expenditure of N2.428 trillion (excluding the capital component of statutory transfers).
 
 
Recurrent Expenditure
 
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A substantial part of the recurrent cost proposal for 2018 is for the payment of salaries and overheads in key ministries providing critical public services such as:
 
• N510.87 billion for Interior
 
• N435.01 billion for Education
 
• N422.43 billion for Defence
 
• N269.34 billion for Health
 
 
Capital Expenditure
 
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Key capital spending allocations in the 2018 Budget 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
 
• Water Resources: N95.11 billion
 
• 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
 
• Federal Capital Territory: N40.30 billion
 
• Zonal Intervention Projects N100.00 billion
 
• North East Intervention Fund N45.00 billion
 
• Niger Delta Ministry: N53.89 billion
 
• Niger Delta Development Commission: N71.20 billion.
 
 
Key projects and programmes to be implemented in 2018:
 
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• N9.8 billion for the Mambilla hydro power project, including N8.5 billion as counterpart
 
funding
 
• N12 billion counterpart funding for earmarked transmission lines and substations
 
• N35.41 billion for the National Housing Programme
 
• N10.00 billion for the 2nd Niger Bridge
 
• About N300 billion for the construction and rehabilitation of strategic roads
 
 
Regional Spending Priorities for Peace, Security and Development
 
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• N65 billion for the Presidential Amnesty Programme has been retained in the 2018 Budget
 
• Capital provision for the Ministry of Niger Delta increased to N53.89 billion from the N34.20 billion provided in 2017
 
• Completion of East-West Road, with a provision of about N17.32 billion in 2018 (NAN).

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https://amonpointtv.com/wp-content/uploads/2017/11/ABCD1510138687.jpghttps://amonpointtv.com/wp-content/uploads/2017/11/ABCD1510138687.jpgAMonpointTV Staffpolitics
  President Muhammadu Buhari   The 2018 national budget is expected to give Nigerians a new lease of life as capital projects will be developed to make the country a better place. Follow details about the 2018 appropriation bill below:   Budget size: N8.612 trillion (16 % higher than 2017 estimates)   Assumptions, projections   ==================   • Benchmark crude...