President Buhari today presented the 2018 Appropriation Bill to a joint session of the National Assembly. It was described as a budget of consolidation to:

  • Reinforce and build on recent accomplishments
  • Sustain reflationary policies
  • Ensure diversified, sustainable and inclusive economy

Below are the highlights of the Budget:

EXPENDITURE

N'trillion

Capital expenditure

       2.43

Recurrent

       3.49

Debt service

       2.01

Statutory transfer

       0.46

incl N23b Capex

Sinking fund

       0.22

Aggregate spending

       8.61

REVENUE

N'trillion

Oil revenue

       2.44

Non oil revenue

       1.33

Independent sources (+others)

       2.84

Deficit

       2.00

Aggregate revenue + borrowing

       8.61

Key Assumptions:

  • Benchmark oil price $45 per barrel
  • Oil production 2.3m bpd
  • Exchange rate N305/US$
  • Real GDP growth 3.5%
  • Inflation rate 12.4%

Below is a copy of the Budget Speech by President Muhammadu Buhari and our Budget Bulletin for further details.

Download PwC 2018 Nigeria's Budget Highlight

Download 2018 Budget Speech

Download Appropriation Bill__Details

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