2018 Budget Estimates Exceeds 2017 Budget Projections By 22.5%.
President Muhammadu Buhari signed into law the appropriation bill of 2018. The N9.12 trillion budget was signed in one of the presidential chambers and witnessed by Vice President Yemi Osinbajo, ministers and top presidential aides.
President Muhammadu Buhari had presented an N8.6 trillion 2018 budget to a joint session of the National Assembly, in November last year but the lawmakers upped the figure by N500 billion. In this, recurrent (non-debt) spending will rise by 17% from N2.99tn in 2017 to N3.512tn.
Capital expenditure (including transfers) increased by 22% from N2.36tn in 2017 to N2.87tn Debt service is 22% (N2.01tn) about the same figure as 2017.
Financing the deficit:
The overall budget deficit of N1.95tn represents a deficit to GDP ratio of 1.74%.
The budget deficit will be financed mainly by borrowing N1.643tn; (Domestic sources N793bn)
(Foreign sources N849bn).
A total of N306bn is expected from privatisation and N5bn from the sale of other government property.