Like every other list, there are priorities. Putting the economy of the nation into perspective, the administration charts a course for the coming year.
Proposed Expenditure for 2018
The proposed expenditure for 2018 which is ₦8.612 trillion has been separated into various subdivision comprising: Recurrent Costs with ₦3.494 trillion; Debt Service, ₦2.014 trillion; Statutory Transfers of about ₦456 billion; Sinking Fund of ₦220 billion; and Capital Expenditure of ₦2.428 trillion. There is especially a 5 percent increase in statutory transfers (over last year’s budget) because of the Niger Delta Development Commission (NDDC) and the Universal Basic Education Commission (UBEC), which are related directly to the size of oil revenue.
Consolidation of the Social Intervention Programme
The Budget consolidates ₦500 billion in catering for the most vulnerable in the society with ₦100 billion set aside for Housing. Schemes like the Conditional Cash Transfer (CCT) and the National Home-Grown School Feeding programme will be implemented as they help create jobs for farmers, provide funding for traders and artisans and assist in growing small business via mentoring.
Overhead Costs:
Because of inflation, overhead costs are expected to rise by ₦26 billion (12 percent increase) in 2018 thus MDAs are admonished to follow the policies regarding cost control.
Regional Spending Priorities for Peace, Security and Development.
In a bid to keep the peace in the Niger Delta for socio-economic advancement, N65 billion has been allocated for the Presidential Amnesty Programme. This should also ensure the completion of ongoing projects in the area. Similarly, the Nigerian Army was deployed to various regions across the country to combat crime including armed robbery, kidnapping and insurgency.
Capital Expenditure and Funding:
Funding for projects in 2018 has been allocated to various sectors of the nation to ensure proper economic development and availability of jobs:
- Power, Works and Housing: ₦555.88 billion;
- Transportation: ₦263.10 billion;
- Special Intervention Programmes: ₦150.00 billion;
- Defence: ₦145.00 billion;
- Agriculture and Rural Development ₦118.98 billion;
- Water Resources: ₦95.11 billion;
- Industry, Trade and Investment: ₦82.92 billion;
- Interior: ₦63.26 billion;
- Education ₦61.73 billion;
- Universal Basic Education Commission: ₦109.06 billion;
- Health: ₦71.11 billion;
- Federal Capital Territory: ₦40.30 billion;
- Zonal Intervention Projects ₦100.00 billion;
- North East Intervention Fund ₦45.00 billion;
- Niger Delta Ministry: ₦53.89 billion; and
- Niger Delta Development Commission: ₦71.20 billion.
The President revealed that alternative means of funding government projects have been identified and promises that 2018 will be a year of better outcomes, hence Budget of Consolidation.
