Nigeria to spend $29 billion in 2019 as lawmakers make provision for unforeseen security challenges

President Buhari presents 2019 budget before Nigerian lawmakers, December 19, 2018.
  • Nigerian Senate passes N8.91 trillion ($29 billion) for 2019 budget
  • The figure is N86 billion higher than the N8.83 trillion proposed by President Muhammadu Buhari submitted last December.
  • President Muhammadu Buhari, who is on a private visit to the United Kingdom will need to sign the budget for it to become law.

Nigerian Senate on Tuesday passed N8.91 trillion ($29 billion) for 2019 budget, N86 billion higher than the N8.83 trillion proposed by President Muhammadu Buhari submittedlast December.

The increase, the parliamentarians explained that it will boost expenditure on security to help the government combat rising militancy and kidnapping in Africa's most populous nation.

Senator Mohammed Goje, Senate chairman on appropriation, said, “There is a slight increase in the budget deficit. There was also the need to provide more funds for the security and intelligence agencies to deal with additional emerging/unforeseen security challenges in the country.”

The highlights of the 2019 budget:

  • Crude production of 2.3 million barrels a day.
  • Assumed oil price of $60 per barrel
  • Exchange rate of N305 to the dollar – the official market value of the local currency
  • A projected Real GDP growth of 3.01%
  • Inflation Rate of 9.98%.

President Muhammadu Buhari, who is on a private visit to the United Kingdom will need to sign the budget for it to become law.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

5 kinds of noises women make when enjoying lovemaking

5 kinds of noises women make when enjoying lovemaking

Why older men date younger women: Here are 5 real reasons

Why older men date younger women: Here are 5 real reasons

Top 10 happiest countries in Africa in 2022

Top 10 happiest countries in Africa in 2022

Rubber producers present life crocodile to Obasanjo, say they can’t give him money

Rubber producers present life crocodile to Obasanjo, say they can’t give him money

5 things you need to know about Monkeypox

5 things you need to know about Monkeypox

For men only: Seven natural ways to last longer in bed

For men only: Seven natural ways to last longer in bed

Here are the top 10 African countries that smoke the most cannabis

Here are the top 10 African countries that smoke the most cannabis

Why do single women find married men attractive for relationships?

Why do single women find married men attractive for relationships?

New video shows Wizkid, Ayra Starr jamming to a song in the studio

New video shows Wizkid, Ayra Starr jamming to a song in the studio