Highlights of N8.83tr 2019 budget proposal by President Buhari

Highlights of N8.83tr 2019 budget proposal by President Buhari
President Buhari presenting the 2019 budget proposal to the National Assembly.

By Patience Danjuma

President Muhammadu Buhari on Wednesday presented the Federal Government’s 2019 budget proposal to a joint session of the National Assembly.

From the N8.83 trillion budget proposal presented by the President, about 46% of the nation’s 2019 income is expected to go into recurrent expenditure, 24.2% into debt servicing and 23% into capital expenditure.

The highlights are as follows:

Recurrent expenditure: N4.04 trillion
Debt servicing: N2.14 trillion
Statutory transfer: N492.36 billion
Sinking fund: N120 billion
Capital expenditure: N2.031 trillion

President Buhari said the budget was prepared based on $60 per barrel of oil
and the production of 2.3 million barrels per day. The exchange was pegged at N305 to $1; real GDP growth estimated 3.01% and inflation rate of 9.98%.