President Muhammadu Buhari on Wednesday, December 19, 2018, presented the 2019 Appropriation Bill to a joint session of the National Assembly.
The 2019 Budget, tagged ‘Budget of Sustenance’, is a drop from the N9.12 trillion approved for 2018 – now N8.83 trillion.
The president proposed an oil benchmark of $60 per barrel with a daily production output of 2.3 million barrels per day (bpd).
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.
- Recurrent – N4.04 trillion
- Debt service – N2.14 trillion
- Statutory transfer – N492.36 billion
- Sinking fund – N120 billion
- Capital expenditure – N2.031 trillion