President Buhari Proposes N8.83 Trillion Budget For 2019

President Muhammadu Buhari has proposed N8.83 trillion naira budget for 2019 to the joint session of the National Assembly.

The
presentation of the budget was presented under a rowdy session with
opposition lawmakers repeatedly booing the President as he listed his
achievements.

The budget proposal was prepared based on the
following assumptions: Oil price: $60 per barrel of oil production rate:
2.3 million barrels per day exchange rate: N305 to $1 Real GDP growth:
3.01 per cent inflation rate: 9.98 per cent.

The proposed budget
shows that about a quarter of the sum (N2.14 trillion) will be used for
debt servicing while capital expenditure is expected to gulp N2.031
trillion.

See more breakdown below.

Recurrent – N4.04 trillion
Debt service – N2.14 trillion
Statutory transfer – N492.36 billion
Sinking fund – N120 billion
Capital expenditure – N2.031 trillion

More details later…