Budget of consolidation: 2018 will be better Buhari says

Budget of consolidation: 2018 will be better Buhari says

Budget of consolidation: 2018 will be better Buhari says

Buhari, addressing a joint session of lawmakers in Abuja, said the spending was a 16% increase over 2017 and aimed to "consolidate on the achievements of previous budgets and facilitate Nigeria's economic recovery".

The President disclosed this while presenting the 2018 Appropriation Bill of N8.6 trillion to the joint session of the National Assembly.

Their grievance was said to be the alleged poor implementation of the 2017 budget.

A breakdown of the proposed capital expenditure of N2.428 trillion showed that the Power, Works and Housing Ministry got the highest allocation of N555.88 billion followed by the Transport ministry which got N263billionn.

Transportation sector comes second with a projected allocation of N263.10 billion for capital projects.

The President said N9.8 billion will be set aside for the Mambilla power project and N300 billion for construction and rehabilitation of roads.

The third sector to attract most in capital expenditure proposal is Special Intervention Programmes with N150.00 billion and Defence, fourth with N145.00 billion.

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Budget provision to the Niger Delta Development Commission increased to N53.89 billion from N34.2 billion in 2017.

Egoh said, "2017 was not well implemented, now you bring 2018".

"Of the amount, the sum of 6.387 trillion Naira is expected to be realised from oil and gas sources".

To help plug that gap, Buhari said the government would borrow 1.7trn naira, half of it from overseas.

"At present, domestic debts account for about 79 percent of the total debt".

He added: "We will continue our engagement with the communities in the Niger Delta to ensure that there is minimum disruption to oil production".

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