Nigeria parliament raises 2018 budget to a record N9.1 trillion

The parliament is expected to approve the passage of the record budget before the end of the week

Senator Danjuma Goje, Chairman of the Senate committee on appropriation, presented the budget to the upper legislative chamber for consideration during the plenary on Tuesday, May 15, 2018.

Bukola Saraki, Senate president, in a meeting with President MuhammaduBuhari last week, assured that the 2018 budget will be passed before the end of this week.

At the lower chamber, Yusuf Lasun, deputy speaker of the House of Representatives, who presided over Tuesday’s session said the lawmakers will consider and pass the budget on Wednesday (tomorrow) or Thursday, May 17, 2018.

“We will begin the consideration tomorrow (Wednesday) afternoon and pass it but if we are not able to, we will finish on Thursday.”

“That the house do receive the report of the committee on appropriations on a bill for an act to authorize the issue from the consolidated revenue fund of the federation, the total sum of N9,120,334,988,225 (Nine Trillion, One Hundred and Twenty Billion, Three Hundred and Thirty-Four Million, Nine Hundred and Eighty-Eight Thousand, Two Hundred and Twenty-Five Naira) only,” the Senate business paper reads.

Nigeria's president, Muhammadu Buhari had on November 7, 2017, submitted N8.612 trillion as the 2018 Appropriation proposal to a joint session of the National Assembly. The passage of the budget had been delayed because Ministries, Departments, and Agencies failed to submit their separate budget proposal in time.

The country pegged oil benchmark at $45 per barrel at an exchange rate of N305 to a dollar.

2018 budget details

The key parameters and assumptions for the 2018 Budget are as set out in the 2018-2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). They include:

a. Benchmark oil price benchmark of US$50.5 per barrel;

b. Oil production estimate of 2.3 million barrels per day, including condensates;

c. Exchange rate of N305/US$ for 2018;

d. Real GDP growth of 3.5 percent; and

e. Inflation Rate of 12.4 percent.

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