Six months into 2018 and seven months after country’s proposed budget was sent to the National assembly, Nigeria’s President, Muhammadu Buhari finally signed the document.
Buhari signed the budget at about 12 noon on Wednesday, 20 June in the presidential villa at Abuja, the country’s capital. The total budget is N9.1 trillion, up from the N8.6 trillion estimate he submitted to the Assembly on November 7, 2017.
In May, the parliament approved a $25 billion budget for 2018, a 5.8 percent increase on what Buhari presented to them in November and a fifth more than the 2017 spending plan. The spending plan, as passed by the lawmakers, was sent to the Presidency on May 25 after the N8.26 trillion estimates sent in by Buhari was increased to a whooping N9.12 trillion, representing an increment of N508billion.
Proposed oil benchmark the executive set was increased from $45 to $51 per barrel. The National Assembly, however, retained oil production volume proposed at 2.3 million barrels per day and an exchange rate at N305 to $1. The budget as passed by the two chambers also has N530.4 billion as statutory transfer; N2.2 trillion for debt service; N1,95 trillion as fiscal deficit.
The Ministry of Power, Works and Housing received N682,959,550,242; Ministry of Transportation, N251,420,000.000; Ministry of Defence, N157,715,439.613; Ministry of Agriculture and Rural Development, N149,198,139.0 37; Ministry of Water Resources, N147,199,614,645; and Ministry of Industry, Trade and Investment, N105,156,176,854. Ministry of Education got N102,907,290,833; Ministry of Health, N86,482,848,198; Ministry of Environment, N17,492,955,833; and Ministry of Niger Delta Affairs, N58,082,611,977.
The bulk of the nation’s budget is assumed to stimulate economic growth before the February elections and after a contraction in 2016.