President Muhammadu Buhari delivered his 2018 national budget proposal speech to the National Assembly in Abuja on Tuesday.
President Buhari proposed a total expenditure of N8.6 trillion for the 2018 budget, representing an increase of 16 percent from the 2017 budget estimate.
The aggregate expenditure comprises recurrent costs of N3.494 trillion; debt service of N2.014 trillion; statutory transfers of N456 billion; sinking fund of N220 billion; and capital expenditure of N.428 trillion.
If passed, the budget is expected to result in a deficit of N2.005 trillion, amounting to 1.77 percent of the country’s gross domestic product (GDP). To finance the deficit, the Nigerian government would borrow an estimated N1.699 trillion.
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