President Muhammadu Buhari has presented an N8.8 trillion budget for 2019.
According to the President, who gave the figure during the 2019 budget presentation before a joint session of the National Assembly, the amount is higher than the N8.6 trillion initially proposed.
The budget is predicated on $60 per barrel of oil benchmark at 2.3m litres per day, Exchange Rate of N305 to $1, a GDP growth rate of 3.01 percent and inflation rate of 9.98 percent.
According to President Buhari, NNPC has been directed to take all measures to achieve the targeted 2.3 million barrels per day oil output per day
Details of the 2019 Appropriation Bill
- N4.04 trillion or 50.31 percent is earmarked for recurrent expenditure.
- N2.03 trillion representing 22.98 per cent earmarked for capital projects.
- N492.36 billion for statutory transfers
- N2.14 trillion for debt servicing
- Provision of N120 billion as sinking fund(The sinking fund would be used to retire maturing bonds to local contractors.)
- Income consisted of oil revenue projected at N3.73 trillion.
- Non-oil revenue estimated at N1.39 trillion.
- Other revenue- N1.225 trillion
- Budget Deficit- N1.85 trillion
Sectoral Allocation
- Ministry of Interior would get N569.07 billion
- Defence -N435.62 billion
- Education -N462.24 billion
- Health -N315.62 billion
