President Muhammadu Buhari has proposed N8.83 trillion naira budget for 2019 to the joint session of the National Assembly.
The presentation of the budget was presented under a rowdy session with opposition lawmakers repeatedly booing the President as he listed his achievements.
The budget proposal was prepared based on the following assumptions: Oil price: $60 per barrel of oil production rate: 2.3 million barrels per day exchange rate: N305 to $1 Real GDP growth: 3.01 per cent inflation rate: 9.98 per cent.
The proposed budget shows that about a quarter of the sum (N2.14 trillion) will be used for debt servicing while capital expenditure is expected to gulp N2.031 trillion.
Below are some of the breakdown of the 2019 budget
Recurrent – N4.04 trillion
Debt service – N2.14 trillion
Statutory transfer – N492.36 billion
Sinking fund – N120 billion
Capital expenditure – N2.031 trillion
More details later…