Key Highlights
- A total budget of N9.12 trillion was signed into law.
- A budget proposal of N8.26 trillion was submitted to the N/Assembly.
- The budget proposal was increased by N508 billion by the Legislature.
- The 2018 budget increased by 23.24% from the 2017 budget.
- The 2018 budget was on an oil benchmark of $51 per barrel.
Nigeria’s Federal budget has been on an increase over the last 18 years. Except for in 2002, 2011, 2014 and 2015, Nigeria’s Federal Budget has been higher in the current year compared to the preceding year. For example, in 2002, it reduced by 35% to N578 billion from N894 billion in 2001. The budget also declined by 7% in 2014 to N4.64 trillion from N4.99 trillion in 2013. The budget equally declined by 3.2% to N4.49 trillion the following year, 2015.
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From a budget size of N677 billion in 2000, Nigeria’s budget jumped to N3.93 trillion in 2010 which is an increase of about 399% in a 10 year period. However, the budget crossed the trillion Naira mark for the first time in 2005 with a sum of N1.35 trillion. It increased to N4.99 trillion in 2013 and N6.07 trillion in 2016.
Nigeria’s 2018 Budget of N9.12 trillion is now N900 billion shy of a whopping N10 trillion and we can’t bet against this being achieved in 2019.
It would have been nice to see this data in US$ so we can know whether there has been real growth or whether it was all about devaluation of the naira. Just my thought.