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Assumptions, Projections And Some Details of 2018 Budget

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The following are some assumptions, projections and details of the 2018 budget which was presented today, November 7, 2017 at the National Assembly:

The following are some assumptions, projections and details of the 2018 budget which was presented today, November 7, 2017 at the National Assembly:

• 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 percent

• Inflation Rate of 12.4 percent

EXPENDITURE ESTIMATES

The proposed aggregate expenditure of N 8.612 trillion (16 percent 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:

• N510.87 billion for Interior

• N435.01 billion for Education

• N422.43 billion for Defence

• N269.34 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.

PROJECTS AND PROGRAMMES TO BE IMPLEMENTED IN 2018

• N9.8 billion for the Mambilla hydro power project, including N8.5 billion as counterpart funding

• N12 billion counterpart funding for earmarked transmission lines and substations

• N35.41 billion for the National Housing Programme

• N10.00 billion for the 2nd Niger Bridge

• About N300 billion for the construction and rehabilitation of strategic roads

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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