Everything you need to know about the 2018 proposed budget of consolidation

by Ajadi Daniel

2018 proposed budget stands at N8.612 trillion

Capital Expenditure in the 2018 proposed budget is 30.8 percent of the entire budget, it stands at N2.652 trillion, the key capital spending in the budget on sectoral basis are:

  • Power, Works and Housing has the highest capital proposal with N555.88 billion
  • Transportation sector comes second with N263.10 billion
  • Special Intervention programmes has the third highest capital allocation with N150 billion
  • Defence: N145 billion
  • Agriculture and rural development N118.98 billion
  • Water resources: N95.11 billion
  • Industry, Trade and Investment: N82.92 billion
  • Interior: N63.26 billion
  • Universal Basic Education: N109.06 billion
  • Health:N71.11 billion
  • Federal Capital Territory: N40.30 billion
  • Zonal Intervention projects (Constituency projects): 100 billion
  • North East Intervention Fund : N45 billion
  • Niger Delta Ministry: N53.89 billion
  • Niger Delta Development Commission: N71.20 billion

Recurrent Expenditure part of the proposed project is N3.494 trillion, key ministries  at the top here include:

Interior Ministry : N510.87 billion

Ministry of Education: N435.01 Billion

Ministry of Defence: N422.43 billion

Health: N269.34 billion

Other expenditures

Debt service: N2.014 trillion

Statutory Transfers: N456 billion

Sinking Funds (Bonds) N220 billion


Assumptions and projections of the 2018 budget

Bench mark 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 percent

Inflation rate of 12.4 percent

Revenue Projections:

Oil revenue: N2.442 trillion Naira

Non-oil revenue: N4.165 trillion

Estimated total revenue for 2018 : 6.607 trillion (about 30% more than the 2017 estimate)



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