Published: Wed, November 08, 2017
Health Care | By Oscar Goodwin

Presentation Of 2018 Budget Proposal In Photos

Presentation Of 2018 Budget Proposal In Photos

President Muhammadu Buhari on Tuesday presented about N8.612 trillion as the 2018 Appropriation bill to a joint session of the National Assembly.

President Buhari said: "Though we can not control the price of crude oil, we are determined to get our production back to at least 2.2 million barrels per day".

The 2018 budget presentation, according to a letter sent to the House of Representatives last week by the President, would be done by 2pm today.

In a statement by its national coordinator, Comrade Emmanuel Onwubiko, the rights group said there was no evidence-based empirical proof to show that the extant 2017 budget had been implemented optimally going by the standards of living of millions of Nigerians.

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"Mostly, I think that they are setting themselves yet more unattainable goals", said John Ashbourne, Africa economist at Capital Economics.

He counselled the Federal Government to eliminate what he described as "unnecessary waste" in the budget implementation.

With 2.4trn naira of intended capital spending, the budget forecast a deficit of 2.0trn naira (£5.0bn), down from last year's 2.4trn naira.

To help plug that gap, Buhari said the government would borrow 1.699 trillion naira, half of it from overseas.

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He said the opposition party had the people of Nigeria at heart. The new budget is about 16% higher than the previous year's, while Buhari said inflation for 2018 is expected to be 12.4%.

But the members, who separately spoke to PREMIUM TIMES shortly after the president laid the 2018 budget, said they also shelved the protest due to the respect they had for the speaker of the House of Representatives, Yakubu Dogara, who they said appealed to members. He called on all sides to maintain dialogue.

The aim of this is to return the country's fiscal year to January to December.

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