President Buhari announced the 2018 budget on the 7th of November in a speech that elicited many mixed reactions.
The proposed total expenditure for 2018 is N8.6 trillion, which comes to 16 percent over the 2017 budget.
The breakdown of the budget can be found below:
The proposed N8.612 trillion of 2018 Aggregate Expenditure comprises a Recurrent Cost 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) and Capital Expenditure of N2.428 trillion (excluding the capital component of Statutory Transfers). President Buhari noted that the government has provided for many ongoing projects in the 2018 budget as part of moves to consolidate on what he described as the momentum of the 2017 Budget’s implementation.
He said: “This is in line with our commitment to appropriately fund ongoing capital projects to completion. By allocating 30.8% of the 2018 Budget to capital expenditure, the Federal Government is also demonstrating its strong commitment to investing in critical infrastructure capable of spurring growth and creating jobs in the Nigerian economy.”