Breakdown of 2018 Nigeria Budget Signed into Law by President Buhari (Charts)

Breakdown of 2018 Nigeria Budget Signed into Law by President Buhari (Charts)

The President of Nigeria has signed the 2018 Nigeria budget. This is the breakdown of the signed budget, according to Premium Times. You can refer to the 2017 Nigeria’s federal budget here.

  • The total budget is N9.1 trillion, up from the N8.6 trillion estimates he submitted to the Assembly on November 7, 2017. The National Assembly raised the total figure by N500 billion.
  • They also increased the oil benchmark proposed by the executive from $45 to $51 per barrel.
  • The Assembly, however, retained oil production volume proposed at 2.3 million barrels per day and an exchange rate at N305 to $1.
  •  The budget as passed by the two chambers also has N530.4 billion as statutory transfer; N2.2 trillion for debt service; N1,95 trillion as fiscal deficit.

Notice that the official rate of Naira to $1 is N305. The full proposed budget before the National Assembly added the N500 billion is here (pdf).

2018 Nigeria Budget

2018 Nigeria Budget (source: BudgIT). Note this plot did not capture the additional N500 billion added by the National Assembly.

2018 Nigeria Budget Revenue estimate
2018 Nigeria Budget Revenue Sources (source: BudgIT).

 

2018 Nigeria Budget
2018 Nigeria Budget – Capital allocation by ministries (source: BudgIT).

 

2018 Nigeria Budget - summary of funds
Summary of funds (source: Nigerian govt. Click the proposed budget PDF above)

 

You can read BudgIT full report here (note, this was done before the addition of the extra N500 billion by the National Assembly)


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