Published: Wed, November 08, 2017
Health Care | By Alberto Manning

Nigeria's Buhari presents 8.612TRN naira 2018 budget to lawmakers

Nigeria's Buhari presents 8.612TRN naira 2018 budget to lawmakers

Buhari said the budget was based on an estimated oil production of 2.3 million barrels per day as against 2.2 million bpd in the previous year.

Nigerian President Muhammadu Buhari presented a record 8.6 trillion naira ($28.16 billion) budget for 2018 on Tuesday to foster shaky growth in Africa's largest economy as it emerges from its first recession in 25 years.

Buhari, who addressed lawmakers for an hour and 13 minutes - amid applause and intermittent murmurs by senators and members of the House - said he had released up to N450bn out of the N2.2tn budgeted for 2017 capital projects as of the end of October.

He counselled the Federal Government to eliminate what he described as "unnecessary waste" in the budget implementation.

The country's deficit is forecast to hit of 2.005 trillion naira, down from last year's 2.36 trillion naira. Total receipts from the non-oil sector are projected at 5.597 trillion Naira.

Debt costs are, however, already high in Nigeria and the president also said nearly a quarter of the budget's expenditure would go to servicing debt.

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-PDP displeased with the slow pace of 2017 budget implementation.

The President laid a budget size of N8.612tn before the legislature for 2018, an increase of N1.7tn from the N7.44tn appropriated in 2017.

But previous budgets have been beset by wrangling with lawmakers over line items. He called on all sides to maintain dialogue.

Buhari also assured that the country's power sector would witness a turnaround in the coming fiscal year. Oil minister Emmanuel Ibe Kachikwu will visit the region this week in an attempt to maintain the ceasefire.

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