Posted on Thu 21 Jun 2018, 05:04 PM

2018 budget of consolidation breakdown:

Total Expenditure - N9.12tn

Revenue projection - N7.17tn

Recurrent expenditure - N3.51tn

Capital expenditure - N2.87tn

Budget deficit- N1.95tn

Oil revenue-N2.99tn

Non-oil revenue- N4.18tr

Debt service - N2.01tn

Sinking fund- N190bn

Statutory transfer - N520bn

Key assumptions and macro-econimic framework of 2018 budget :

Oil production- 2.3mbpd

Oil price - $51pb

Exchange rate - N 305/$

Inflation -12.4%

Real GDP-3.5%

Nominal GDP - N107.96tn

Nominal consumption - N87.95tn

2018 budget estimates exceeds 2017 budget projections by 22.5%.

Recurrent (non-debt) spending to rise by 17% from N2.99tn in 2017 to N3.512tn.

Capital expenditure (including transfers) increased by 22% from N2.36tn in 2017 to N2.87tn 

Debt service is 22% (N2.01tn) about same figure as 2017

Financing the deficit:

Overall budget deficit of N1.95tn represents a deficit to GDP ratio of 1.74%.

Budget deficit will be financed mainly by borrowing N1.643tn.
(domestic sources N793bn)
(foreign sources N849bn)

A total of N306bn is expected from privatisation and N5bn from the sale of other government property.

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