Wednesday, June 16, 2021

    Breakdown of 2018 Budget Estimates

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    Babatunde Akinsola
    Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

    Budget size: N9.12 trillion (16 % higher than 2017 estimates)

    Check out the breakdown of the 2018 budget estimates below:……………..


    Benchmark Oil Price – $45 per barrel
    Oil Production: 2.3mbpd
    Exchange rate: N305/$1
    Inflation Rate: 12.4%
    Expenditure Estimates

    Recurrent Costs of N3.494 trillion
    Debt Service of N2.014 trillion
    Statutory Transfers of about N456 billion
    Sinking Fund of N220 billion
    Capital Expenditure of N2.428 trillion
    Recurrent Expenditure

    87 billion for Interior
    01 billion for Education
    43 billion for Defence
    34 billion for Health
    Capital Expenditure

    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 hydropower 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.

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