PRESIDENT BUHARI PRESENT 2018 BUDGET TO PARLIAMENT

Nigeria’s President present 2018 budget to joint session of parliament which has an increase from N7.44 trillion in 2017 to N8.6 trillion.

The president of Nigeria, Muhammadu Buhari has presented the 2018 budget to the joint session of the National Assembly so as to avoid the delays that have plagued previous budgets, not passed until well into the years they targeted.

The budget which had an increase from N7.44 trillion to now N8.6 trillion is tagged “the budget of consolidation” and it is a budget that is projected at an oil price of $45 per barrel with an estimate of 2.3 million barrels per day and  having an exchange rate of N305 to $1..

Economists has analysis that the implementation, particularly on capital expenditure that is meant to jump-start infrastructure, has been lacking which has seen each of Buhari’s budgets set a record high level of spending.

The budget is expected to be approved by the lower and upper chambers of parliament before it can be signed into law, a process that can take many months.