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Wednesday, 8 November 2017

Details of President Buhari's 2018 Budget proposal

Here is the breakdown of the 2018 budget proposal as presented by President Muhammadu Buhari on Tuesday.

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
• 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.

(NAN)

Monday, 6 November 2017

Anglican scribe meets PMB at Aso Villa (photo)


President Muhammadu Buhari on Monday night received the Secretary General of the Anglican Communion, Archbishop Josiah Idowu-Fearon in his residence at the State House, Abuja.

See photo.

Sunday, 5 November 2017

President Buhari with Ghana's Ex-President Mahama in Abuja (Photo)

On Thursday, President Muhammadu Buhari hosted a President of Ghana, Mr.J D Mahama to a private dinner at the State House Abuja.

Wednesday, 4 October 2017

Osinbajo at Wakaathemusical show.

The Vice President, Prof Yemi Osinbajo, his wife Dolapo and other dignataries were at the Command Performance of "Wakaa: The Musical" on Monday night in Abuja.

Photo: Novo Isioro.

Monday, 24 July 2017

How PMB received APC leaders in London (photo)

State governors from the ruling All Progressives Congress, APC were in Abuja House, London on Sunday on a visit to recuperating President Muhammadu Buhari.

The delegation which was hosted to a lunch by the President included Party Chairman John Oyegun; governors of Imo, Kaduna, Kogi and Nasarawa states as well as the Minister of Transportation, Mr Rotimi Amechi.

Thursday, 13 July 2017

Osinbajo to disclose details of meeting with PMB

Acting President, Prof Yemi Osinbajo will soon tell Nigerians what he discussed. with President Muhammadu Buhari in London.

Mr Laolu Akande, Senior Special Assistant to the Acting President on Media and Publicity said in a tweet on Tuesday night that the president and his VP had a very good meeting.

“We will soon share more information about Acting President’s London meeting with President Buhari. It was a very good meeting.

“God bless Nigeria,’’ he said.

Wednesday, 12 July 2017

CAN visits Senate President (photo)

A delegation of the Christian Association of Nigeria, CAN during a visit to the Senate President, Dr Bukola Saraki in Abuja on Wednesday.

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