President Muhammadu Buhari has presented an N8.6 trillion 2018 budget to a joint session of the National Assembly.
Dubbed the ‘budget of consolidation,’ the budget the President 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%.
Buhari appealed to members of the National assembly to swiftly consider and pass the 2018 Appropriation Bill.
The President said 9.8 billion Naira will be set aside for the Mambilla power project and N300 billion for construction and rehabilitation roads, as the Budget provision to the Niger Delta Development Commission has increased from N53.89 billion from N34.2 billion in 2017.
Earlier in his speech, Buhari said over 766km were constructed or rehabilitated across the country in 2017.
“We have spent time in identifying alternative means of funding capital projects in the 2017 budget. For example, the N100 billion Sukuk financing for construction of 25 roads across the country”.
Mr Buhari also warned that agencies are not to conduct recruitment without all necessary approvals. “Any violations will be sanctioned”, he said.