President Buhari Submits 2018 Budget To NASS

08 November, 2017, 10:14 | Author: Hope Soto

Talking up the gains of his administration over the past two years while thanking Nigerians for their prayers during his extended medical vacation, President Buhari said the projected expenditure in the Budget of Consolidation would fast-track the much-needed economic recovery.

Nigerian president Muhammadu Buhari presented a record 8.6trn naira (£21.5bn) budget for 2018 on Tuesday to foster shaky growth in Africa's largest economy.

The three ministries will get money more than the 12 other sectors combined.

The president said the budget is projected at an oil price of $45 per barrel with the production estimate of 2.3 million barrels per day.

In an interview with PREMIUM TIMES, Toby Okechukwu, from Imo state, said the lawmakers were not happy with the pace of implementation of the 2017 budget.

Details of the budget proposal revealed that the Power, Works and Housing has the highest capital project proposal with N555.88 billion.

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Transportation sector comes second with a projected allocation of N263.10 billion for capital projects.

The Special Intervention Programme was allocated N150 billion while Defence, N145 billion.

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

"Of the amount, the sum of 6.387 trillion Naira is expected to be realised from oil and gas sources".

"At present, domestic debts account for about 79 percent of the total debt".

The president said that non-oil and other revenue sources of N4.165 trillion would include share of Companies Income Tax (CIT) of N794.7 billion, Value Added Tax (VAT) of N207.9 billion as well as Customs and Excise Receipts, N324.9 billion.

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