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National assembly passes N9.1trn 2018 budget


The national assembly has passed the 2018 budget. The budget was passed after the appropriation committees of the senate and the house of representatives moved for its consideration. In November, President Muhammadu Buhari presented to a joint session of the national assembly a proposed sum of N8.6 trillion for 2018.

The president had proposed N3.5 trillion as recurrent (non-debt) expenditure, while N2.4 trillion was earmarked for capital expenditure. But the lawmakers raised the budget by N500 billion. They also increased oil benchmark from $45 to $51.

However, they maintained oil production at 2.3 million barrels per day and exchange rate at N305 to a dollar. Going by the increase, the budget now has N530 billion for statutory transfers, N2.2 trillion for debt service and N3.5 trillion recurrent expenditure, N2.8 trillion and N1.9 trillion for fiscal deficit.


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