Assumptions, projections


Buhari presents 2018 budget of N8.612trn
Buhari presents 2018 budget of N8.612trn
  • Benchmark crude oil price-US$45 per barrel
  • Oil production estimate – 2.3 million barrels per day
  • Exchange rate – N305/US$ for 2018
  • Real GDP growth of 3.5 per cent
  • Inflation Rate of 12.4 per cent

Expenditure Estimates


The proposed aggregate expenditure of N 8.612 trillion (16 per cent above 2017 budget estimate)

will comprise

  • Recurrent Costs of N3.494 trillion
  • Debt Service of N2.014 trillion
  • Statutory Transfers of about N456 billion
  • Sinking Fund of N220 billion (to retire maturing bond to local contractors)
  • Capital Expenditure of N2.428 trillion (excluding the capital component of statutory transfers).


Recurrent Expenditure


A substantial part of the recurrent cost proposal for 2018 is for the payment of salaries and overheads in key ministries providing critical public services such as:

  • N510.87 billion for Interior
  • N435.01 billion for Education
  • N422.43 billion for Defence
  • N269.34 billion for Health


Capital Expenditure


Key capital spending allocations in the 2018 Budget include:

  • 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 hydro power 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 (NAN)
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