2018 FG’s Budget Estimates
Total Budget Size: N8.612 trillion (16% above 2017 Approximation)
Projections/Assumptions
- Crude oil price benchmark – $45 per barrel
- Estimated Oil production – 2.3m barrels per day
- Exchange rate – N305/US$ for 2018
- Inflation Rate – 12.4%
- Real GDP growth – 3.5%
Expenditure Estimates
Proposed cumulative expenditure – N8.612 trillion (16% above 2017 budget proposals)
Consist of:
- Recurrent Expenditure – N3.494trn
- Debt Service – N2.014trn
- Statutory Transfers – about N456bn
- Sinking Fund – N220bn (To retire maturing bond to local contractors)
- Capital Expenditure – N2.428trn (less capital component of statutory transfers).
Recurrent Expenditure
As usual, a significant part of recurrent cost estimates for 2018 is for staff salaries and overheads in critical public services Ministries that include:
- Interior – N510.87bn
- Education – N435.01bn
- Defence – N422.43bn
- Health – N269.34bn
Capital Expenditure
2018 Budget key capital spending allocations are:
- Power, Works and Housing – N555.88bn
- Transportation – N263.10bn
- Special Intervention Programmes – N150.00bn
- Defence – N145.00bn
- Agriculture and Rural Development – N118.98 bn
- Universal Basic Education Commission – N109.06bn
- Zonal Intervention Projects – N100.00bn
- Water Resources – N95.11bn
- Industry, Trade and Investment – N82.92 bn
- Niger Delta Development Commission (NDDC) – N71.20bn
- Health – N71.11bn
- Interior – N63.26 bn
- Education – N61.73bn
- Niger Delta Ministry – N53.89bn
- North East Intervention Fund – N45.00bn
- Federal Capital Territory (FCT) – N40.30bn
Key projects/programmes FOR implementation in 2018
- 8billion for Mambilla hydro power project, with N8.5billion as counterpart funding
- N12billion counterpart funding for earmarked transmission lines and substations
- 41billion for the National Housing Programme
- 00billion for the 2nd Niger Bridge
- About N300billion for construction and rehabilitation of strategic roads
Spending Priorities for Regional Peace, Security and Development
- Presidential Amnesty Programme retained in the 2018 Budget – N65billion
- Capital provision for Niger Delta Ministry now N53.89billion compared to N34.20billion in 2017
- Completion of East-West Road given N17.32 billion in 2018
