President Muhammadu Buhari on Wednesday presented a budget proposal of N8.83 trillion for the year 2019 to a joint session of the National Assembly.
The 2019 Budget, tagged ‘Budget of Sustenance’, is a drop from the N9.12tn approved for 2018.
The president proposed an oil benchmark of $60 per barrel with a daily production output of 2.3 million barrels per day (bpd).
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The appropriation bill also pegged the exchange rate at 305 US Dollars.
The budget deficit is projected to reduce to 1.86 trillion in 2019.
The proposed budget shows that about a quarter of the sum (N2.14 trillion) will be used for debt servicing while capital expenditure is expected to gulp N2.031 trillion.
See more breakdown below.
Recurrent – N4.04 trillion
Debt service – N2.14 trillion
Statutory transfer – N492.36 billion
Sinking fund – N120 billion
Capital expenditure – N2.031 trillion
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