President Buhari has directed all MDAs to halt fresh recruitment or face sanctions.
President Buhari stated this during the 2018 budget presentation at the National Assembly on Tuesday, November 7, 2017.
According to President Buhari, the move was to manage a rising personnel expenditure that was expected to increase to 12 percent in 2018.
Buhari also directed all MDAs to halt fresh recruitment or face sanctions.
He said, “I have directed agencies not to embark on any fresh recruitment unless they have obtained all the requisite approvals. Any breach of this directive will be severely sanctioned.”
President Buhari noted that 30.8 percent of the N8.6 trillion budget would be focused on capital budget.
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The President said the budget would be financed by new borrowings estimated at N1.699tn.
“Fifty per cent of this borrowing will be sourced externally, while the balance will be sourced domestically. The balance of the deficit of N306bn is to be financed from proceeds of privatisation of some non-oil assets by the Bureau of Public Enterprises” Buhari said.
Recurrent expenditure to sectors include: N510.87bn for Ministry of Interior; N435.bn for Education; N422.43bn for Defence and N269.34bn for Health.
Sectoral allocations on capital expenditure, Power/Works/Housing got N555.88bn; Transport got N263.10bn; Special Intervention Programmes, N150bn; Defence got N145.00bn; Agriculture and Rural Development, N118.98bn; Water Resources, N95.11bn; Industry, Trade and Investment, N82.92 bn; Interior: N63.26bn; Education N61.73bn; Universal Basic Education Commission, N109.06bn; Health, N71.11bn and Federal Capital Territory, N40.30bn.”
Others are Zonal Intervention Projects, N100bn; North-East Intervention Fund, N45.00bn; Niger Delta Ministry, N53.89bn; and Niger Delta Development Commission, N71.20bn.
The 2018 budget is predicated on a crude oil benchmark of US$45 per barrel ($44 in 2017); and oil production estimate of 2.3 million barrels per day, including condensates (2.2mbpd in 2017).
The exchange rate of N305/US$ was planned for 2018.