President Muhammadu Buhari on Tuesday presented a record 8.6 trillion naira ($24 billion, 20.8 billion euros) budget to the National Assembly to support the country’s economic recovery, Daily Mail UK reports.
Buhari said the budget, a 16% increase over 2017, was based on an estimated oil production of 2.3 million barrels per day as against 2.2 million bpd in the previous year. The budget assumes a price of $45 dollars per barrel – more than $15 per barrel less than the current price for the main international contract – and an exchange rate of 305 naira to the dollar.
Buhari said 38% of the budget would go to capital projects, while recurrent expenditure would be 3.49 trillion naira. He said a little over two trillion naira would be spent on debt servicing, adding that a growth rate of 3.5% was targeted, while inflation was expected to drop to 12.5% from the current 15%.