Senate receives report on 2018 Budget Tuesday
[5/15, 11:21 AM] nasirdambatta: As plenary resumes on Tuesday, the Senate is set to receive the report on the 2018 Budget proposal.
This is coming six months after the Budget was presented by President Muhammadu Buhari in November 2017.
Mr Olu Onemola, Special Assistant on New Media to the President of the Senate, took to his twitter handle @OneMolaOlu to share a picture of the draft report that will be laid on the floor of the Senate.
The 2018 Budget has been on the front burner in recent times as many people have blamed the National for purposely delaying the budget as using it as a tool against the Executive.
However, the National Assembly had maintained that the delays were due to the Ministries, Departments and Agencies of government (MDAs) who have failed to submit their details within the stipulated time.
The President of the Senate and head of the National Assembly, Dr Bukola Saraki had assured that the Budget will be treated with the uttermost urgency which it deserves.
Below is the breakdown of the 2018 Budget.
Budget size: N8.612 trillion (16 % higher than 2017 estimates)
• 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
The proposed aggregate expenditure of N 8.612 trillion (16 per cent above 2017 budget estimate)
• 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).
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
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
• 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