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Wednesday, 19 December 2018

Proposes N8.83 Trillion Budget For 2019 By President Buhari

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President Muhammadu Buhari has proposed N8.83 trillion naira budget for 2019 to the joint session of the National Assembly.

The presentation of the budget was presented under a rowdy session with opposition lawmakers repeatedly booing the President as he listed his achievements.

The budget proposal was prepared based on the following assumptions: Oil price: $60 per barrel of oil production rate: 2.3 million barrels per day exchange rate: N305 to $1 Real GDP growth: 3.01 percent inflation rate: 9.98 percent.

The proposed budget shows that about a quarter of the sum (N2.14 trillion) will be used for debt servicing while capital expenditure is expected to gulp N2.031 trillion.

See more breakdown below.

Recurrent – N4.04 trillion
Debt service – N2.14 trillion
Statutory transfer – N492.36 billion
Sinking fund – N120 billion
Capital expenditure – N2.031 trillion

More details later…
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