President Muhammadu Buhari on Tuesday proposed N8.6trn for the 2018 financial year to the Joint Session of the National Assembly.

Here is a breakdown of the budget estimate.

Assumptions, 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

The proposed aggregate expenditure of N 8.612 trillion (16 per cent 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

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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

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