Buhari to present 2018 budget Next week

Nigeria’s President, Muhammadu Buhari will on Tuesday next week present the 2018 budget proposal before a joint session of the National Assembly.

The president made the announcement in a letter read at yesterday’s sittings by Senate President Bukola Saraki and Speaker Yakubu Dogara.
 Buhari requested the indulgence of the two chambers of the National Assembly to allow him present the budget at 2.pm on November 7.
It should be recalled that the president had in the Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) presented to the National Assembly proposed the sum of N8.6 trillion for 2018 budget.
The proposed amount, which is exactly N8.595trn, represents about 15 percent increase from the 2017 budget, which was N7.44trn.
Next year’s budget would be about N1.16trn above this year’s, if approved by the National Assembly.

The proposed budget is predicated on an oil benchmark of $45 per barrel, with daily production output of 2.51 million barrels per day (bpd), while the proposed exchange rate is N305/1$.