President Buhari yesterday 7th November, 2017 presented the 2018 Appropriation Bill to a joint session of the National Assembly. It was described as a budget of consolidation to:
- Reinforce and build on recent accomplishments
- Sustain reflationary policies
- Ensure diversified, sustainable and inclusive economy
Highlights of the Budget are decpited below:
|Statutory transfer||0.46||incl N23b Capex|
|Non oil revenue||1.33|
|Independent sources (+others)||2.84|
|Aggregate revenue + borrowing||8.61|
- Benchmark oil price $45 per barrel
- Oil production 2.3m bpd
- Exchange rate N305/US$
- Real GDP growth 3.5%
- Inflation rate 12.4%
Please read the budget speech of the president by clicking here: 2018-budget-speech
FGN is doing everything they can to diversify the economy and avoid over reliance on oil. The is again evident in the above presented 2018 appropriation bill.
The $45 per barrel benchmark will be considered very reasonable by many economy experts. However, a lot will have to still be done to bring $ down to N305 used as average in the budget.
The national Assembly committees are meant to swing into action now by working on it and passing same as soon as possible in order to avoid mistakes made in the past as regards delay of the budget and how it has negatively affected the economy of Nigeria.