National assembly passes N9.1trn 2018 budget, pegs oil benchmark at $51


The national assembly has passed the 2018 budget after a six-month delay.

The budget was passed after the appropriation committees of the senate and the house of representatives moved for its consideration.

In November, President Muhammadu Buhari presented to a joint session of the national assembly a proposed sum of N8.6 trillion for 2018.

The president had proposed N3.5 trillion as recurrent (non-debt) expenditure, while N2.4 trillion was earmarked for capital expenditure.

But the lawmakers raised the budget by N500 billion. They also increased oil benchmark from $45 to $51.

However, they maintained oil production at 2.3 million barrels per day and exchange rate at N305 to a dollar.

Highlights of the proposal are N530,421,368,624 for Statutory Transfer; N2,203,835,365,699 for Debt Service; N3,512,677,902,077 for Recurrent Expenditure, N2,873,400,351,825 for Capital Expenditure, Fiscal…

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