President Muhammadu Buhari has presented the proposal for the 8th and final budget of his administration.
The N20.15 trillion Budget was termed a Budget of Fiscal sustainability and transition.
Buhari disclosed this on Friday morning while presenting the budget to the National Assembly.
What he said:
Buhari noted that the expenditure policy of the budget is to achieve policies set in the National Development Plan, 2021-25, which includes human development, food security, energy efficiency, and others.
He added that his administration will introduce a near-sustainable model to fund tertiary education citing, “we won’t sign any agreement we can’t sustain”.
The details of the Budget include:
The total package of N20.15 trillion.
Recurrent expenditure of N8.27 trillion, capital expenditure of N5.15 trillion, and debt service of N6.31 trillion.
The oil benchmark is pegged at $70 per barrel, with daily production of 1.69 barrels per day, and an exchange rate of N435 to the dollar.
This is a developing story.
Sad to see that the federal government of Nigeria is spending MORE money on debt servicing than on capital expenditure.