Tuesday, 7 November 2017

President Buhari presents N8.6 trillion 2018 budget to the National Assembly

President Muhammadu Buhari on Tuesday formally presented an N8.6 trillion 2018 budget to a joint session of the National Assembly.

Dubbed the ‘budget of consolidation,’ the budget was about 16 per cent increase from the N7.44 trillion appropriated in 2017.

Buhari announced that the budget is projected at an oil price of $45 per barrel and an estimate of 2.3 million barrels per day.

He added that the budget is further projected on an exchange rate of N305 to $1, a real Gross Domestic Growth of 3.5 per cent and inflation rate of 12.4 per cent.

At present, domestic debts account for about 79% of the total debt. We will reduce this to 60% in 2018 and increase external to 40%.

The President said 9.8 billion Naira will be set aside for the Mambilla power project and N300 billion for construction and rehabilitation roads.

Budget provision to the Niger Delta Development Commission has increased to N53.89 billion from N34.2 billion in 2017.

Buhari said his government will increase focus on cybercrime and abuse of social media through hate speech.

Saraki started by thanking Nigerians for not “playing politics”, putting country first during President Buhari’s time away.

“We must reassess the relationship btw oil & our economy. Oil prices are gradually inching up, but that is no reason for complacency”, he said.

Saraki added, “We must grow our economy away from oil – as well as the need to increase non-oil revenue generation and collection“.

He also expressed joy that the 2018 budget is coming earlier than usual. “This is a welcome development“, he said.

Highlights from President Buhari’s speech:
  • President Buhari, on his part, said his administration is committed to the ease of doing business reforms.
  • He said the administration shall continue to develop infrastructure across the country.
  • Nigeria should be assured that the administration is committed to doing all it can to solve the problem of the embarrassing power situation in the country.
  • Sometimes, doing the right thing takes sacrifice.
  • Agriculture played a crucial role in Nigeria’s exit from recession.
  • I assure investors in Agriculture that the menace of smuggling would be handled decisively.
  • 2017 budget late approval disturbed the implementation of the budget.
  • 2018 budget is a budget of consolidation.
  • N2.442 trillion oil revenue is projected for 2018.
  • All ongoing projects will be completed.
  • The old Nigeria is gradually disappearing.
  • The proposed budget has a total sum of N8.612 trillion.

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