2018 Nigerian Budget Breakdown And Analysis

As is customary, the Nigerian President, Muhammadu Buhari has presented the 2018 budget to the Nigerian senate. The senate is expected to deliberate on the presented budget and make necessary amends where necessary as well as exercising other oversight functions. We bring to you the 2018 Nigerian Budget Breakdown And Analysis for your knowledge.

We are aware that many Nigerians are not yet aware of the 2018 Nigerian Budget Breakdown And Analysis. Some are interested in knowing but are yet to have a comprehensive breakdown of the budget. That is why we are making it easily accessible to you today so you can also see all that ear involved. Read on.

2018 Nigerian Budget Breakdown And Analysis

Budget size: N8.612tn (16 % higher than 2017 estimates)

Assumptions, projections

  • Benchmark crude oil price-US$45 per barrel
  • Oil production estimate – 2.3 million barrels per day
  • Exchange rate – N305/US$ for 2018
  • Real GDP growth of 3.5 per cent
  • Inflation Rate of 12.4 per cent

Also See: Critical Analysis Of The 2017 Budget

Expenditure Estimates

The proposed aggregate expenditure of N 8.612 trillion (16 per cent above 2017 budget estimate)
will comprise

  • Recurrent Costs of N3.494 trillion
  • Debt Service of N2.014 trillion
  • Statutory Transfers of about N456 billion
  • Sinking Fund of N220 billion (to retire maturing bond to local contractors)
  • Capital Expenditure of N2.428 trillion (excluding the capital component of statutory transfers).

Recurrent Expenditure

A substantial part of the recurrent cost proposal for 2018 is for the payment of salaries and overheads in key ministries providing critical public services such as:

  • 87 billion for Interior
  • 01 billion for Education
  • 43 billion for Defence
  • 34 billion for Health

Capital Expenditure

Key capital spending allocations in the 2018 Budget include:

  • Power, Works and Housing: N555.88 billion
  • Transportation: N263.10 billion
  • Special Intervention Programmes: N150.00 billion
  • Defence: N145.00 billion
  • Agriculture and Rural Development N118.98 billion
  • Water Resources: N95.11 billion
  • Industry, Trade and Investment: N82.92 billion
  • Interior: N63.26 billion
  • Education N61.73 billion
  • Universal Basic Education Commission: N109.06 billion
  • Health: N71.11 billion
  • Federal Capital Territory: N40.30 billion
  • Zonal Intervention Projects N100.00 billion
  • North East Intervention Fund N45.00 billion
  • Niger Delta Ministry: N53.89 billion
  • Niger Delta Development Commission: N71.20 billion.

Key projects and programmes to be implemented in 2018:

  • 8 billion for the Mambilla hydro power project, including N8.5 billion as counterpart
  • N12 billion counterpart funding for earmarked transmission lines and substations
  • 41 billion for the National Housing Programme
  • 00 billion for the 2nd Niger Bridge
  • About N300 billion for the construction and rehabilitation of strategic roads

Also See: How To Apply For Federal And State Government Jobs In Nigeria

Regional Spending Priorities for Peace, Security and Development

  • N65 billion for the Presidential Amnesty Programme has been retained in the 2018 Budget
  • Capital provision for the Ministry of Niger Delta increased to N53.89 billion from the N34.20 billion provided in 2017
  • Completion of East-West Road, with a provision of about N17.32 billion in 2018

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