The President revealed this when he presented the 2019 budget estimates at a joint session of the National Assembly in Abuja.
According to him, out of the total appropriation of N9.12trillion, N4.59 trillion had been spent by Sept. 30, 2018, against the prorated expenditure target of N6.84 trillion.
He said: “This represents 67 per cent performance. Debt service and the implementation of non-debt recurrent expenditure, notably payment of workers’ salaries and pensions are on track.
“Despite the delay in the passage of the 2018 Budget on 20th June 2018, the sum of N820.57 billion had been released for capital projects as at 14th December, 2018. We have carried over capital projects that were not likely to be fully funded by year-end 2018 to the 2019 budget.’’
The President said the 2018 budget was based on a benchmark oil price of 51dollars, oil production of 2.3 million barrels per day and an exchange rate of N305 to the dollar.
He added that based on these assumptions, the federal government’s aggregate revenue of N7.17 trillion was projected to contribute to the 2019 budget of N9.12 trillion while the projected deficit of N1.95 trillion (or 1.73 percent of GDP) was to be financed mainly by borrowing.
“In 2018, average oil production up to end of the third quarter was 1.95 mbpd, as against the estimated 2.3 mbpd for the entire year. However, average market price of Bonny Light crude oil was higher (an average of $74 per barrel as at October) than the benchmark price of $51.
“As at the end of the third quarter, federal government’s actual aggregate revenue was N2.84 trillion, which is 40 percent higher than 2017 revenue.
“The overall revenue performance is only 53 percent of the target in the 2018 budget largely because some one-off items are yet to be actualized. We have now rolled this revenue item over to 2019,” he said.
While urging the lawmakers to expedite action for the passage of the 2019 budget, the President stressed the need for the legislature to partner with the executive arm of government for the benefit of Nigerians.