The National Assembly on Wednesday passed the N9.120 trillion 2018 Appropriation bill.
The budget an increase of N508 billion from the N8.612 trillion originally presented to the Assembly by President Muhammadu Buhari. The budget, the biggest in Nigeria’s history is predicated on the oil price benchmark of $51; crude oil production of 2.3 million barrels per day and exchange rate of N305/$1USD.
The House of Representatives also passed the 2018 budget with a recurrent expenditure of 3,512,677,902,077 and capital expenditure of 2,873,400,351,825.
A debt servicing cost of 2,203,835,365,699 and statutory transfers of 530,421,368,624.
The passage of the appropriation bill was delayed for 6 months.
The highlights of the budget proposal shows N530,421,368,624 for Statutory Transfer; N2,203,835,365,699 for Debt Service; N3,512,677,902,077 for Recurrent Expenditure, N2,873,400,351,825 for Capital Expenditure, Fiscal Deficit of N1,954,464,993,775 and 1.73 percent Deficit to GDP.
