Nigeria to spend 8.6 trln naira in 2018, GDP at 3.5 pct, Inflation at 12.12 pct - budget document

President Buhari

Nigeria plans to spend 8.6 trillion naira for the 2018 fiscal year, up 15.59 percent against 7.44 trillion naira 2017 budget, details from the 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy has shown.
President Muhammadu Buhari has submitted the document to the National Assembly this week ahead of the presentation of the 2018 budget proposal.
The document revealed the government proposes to spend 1.16 trillion naira more next year.
The fiscal policy document also showed that the government intends to increase the deficit component of the budget to 2.95 trillion naira in 2018 against 2.36 trillion contained in this year’s budget.
The government of President Buhari has consistently increased its budget proposal since its first fiscal policy in 2016. Its first budget in 2016 was 6.06 trillion naira, while in 2017 the government raised its spending proposal to 7.44 trillion naira.
Next year, the government projected a total revenue generation of 5.65 trillion naira, which was 11.22 percent more than the amount proposed for this year.
The revenue was based on 2.3 million crude oil bpd at the benchmark price of $45 per barrel and at a conversion rate of 305 naira to the dollar exchange rate, compared with 2.2 million bpd at a benchmark price of $44 per barrel.
Major expenditure heads include N12.12tn for recurrent and N2.03tn for capital expenditure.
The fiscal policy paper expects the economy to grow at 3.4 percent in 2018 and inflation rate of 12.42 percent.