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%.