Nigeria’s 2018 Budget: See Analysis & Breakdown Of What Nigeria Will Be Spending On Next Year

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Nigeria's 2018 Budget Pdf

November 7, 2017 – Nigeria’s 2018 Budget: See Analysis & Breakdown Of What Nigeria Will Be Spending On Next Year

President Buhari has released the budget size for 2018 and it is 16% higher than 2017 estimates

Here is the total breakdown of the proposed N8.612 Trillion budget for 2018

Assumption, 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

Expenditure Estimates

• 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

• 510.87 billion for Interior
• N435.01 billion for Education
• N422.43 billion for Defence
• N269.34 billion for Health

Capital Expenditure

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:

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

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