Nigeria In One Minute

Budget 2018: FG to spend N8.06 trn

Published

7 years ago

October 21, 2017

The federal government plans to spend the sum of N8.6 trillion in 2018, going by the details of the Medium Term Expenditure Framework, MTEF, submitted to the National Assembly in the week. This indicates about 15.5 percent increase over 2017 figure of N7.44 trillion.

The expenditure would be financed through an estimated federal government’s revenue estimated at N5.65 trillion, about 11 percent or N562.50 billion increase over the 2017 estimate of N5.08 trillion, in addition to a borrowing plan that is expected to fund a budget deficit put at N3.52 trillion in 2018.

According to the MTEF, 43.2 per cent of this is projected to come from oil sources, while the balance is to be earned from non-oil sources.

As contained in the MTEF, “Fiscal deficit will be maintained within the 3% level stipulated by the Fiscal Responsibility Act 2007 but at an average of about 1.93% of GDP, but declining to less than 1% by 2020.
Vanguard, October 21, 2017

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