Nigeria’s President Muhammadu Buhari signed the 2018 Federal Budget on June 21st, 2018. The signed 2018 budget has a value of N9,120 billion a 23.6% increase from the N7,441 billion budget signed in 2017.
- Recurrent (non-debt) spending expected to rise by 17%, from N2.99 trillion in FY2017 to N3.51 trillion.
- Capital expenditure (excluding transfers) higher by 22% from N2.36 trillion in FY2017 to N2.87 trillion.
- Capital spending is 31.5% of total FGN expenditure in 2018.
- At N2.01 trillion, debt service is 21% of planned spending (about same as in FY2017).
- Provision to retire maturing bond to local contractors increased by 7% from N177 billion in FY2017 to N190billion in view of the ambitious plan to liquidate all contractor arrears of the FGN going back to several years.
- Overall budget deficit of N1.950 trillion in 2018 represents 1.74% of GDP.
- Projected deficit within threshold stipulated in the Fiscal Responsibility Act (FRA)
- Budget deficit is to be financed mainly by borrowing N1.643 trillion.
- Domestic sources – N793 billion; Foreign sources – N849 billion.
- A total of N306 billion is expected from privatization proceeds and N5 billion from sale of other government property to part finance the deficit.
Spending on Roads
About N344 billion for the construction and rehabilitation of several roads nationwide
- Lagos-Shagamu-Ibadan Dual Carriageway,
- Ilorin-Jebba-Mokwa-Bokani Road,
- Abuja-Abaji Road,
- Kano-Maiduguri Road,
- Enugu-Port-Harcourt Dual Carriageway,
- Odupkani-Itu-Ikot Ekpene Road,
- Sokoto-Tambuwal-Jega-Kontagora-Makera Road,
- Dualisation of Obajana Junction to Benin,
- Calabar-Ugep-Kastina Ala Road,
- Onitsha-Enugu Dual Carriageway,
- Abuja-Kaduna-Zaria-Kano Dual Carriageway
- Benin-Ofosu-Ore-Ajebandele-Shagamu Expressway Phase III
- Kotangora – Bangi Road
About N344 billion for the construction and rehabilitation of several roads nationwide including:
- Bodo-Bonny Road with a bridge across the Opobo channel. In Rivers State.
- Apapa – Oshodi express way in Lagos (Phase II Sections I & II).
- Nnenwe-Oduma-Mpu (Enugu State) -Uburu (Ebonyi State)
- Ningi – Yadagungume- Fuskar Mata Road Phase II In Bauchi State
- Oju/Loko – Oweto Bridge to link Loko And Oweto with approach Roads
- Otuocha – Anam- Nzam- Innoma – Iheaka- Ibaji Section of Otuocha – Ibaji – Odulu –Ajegwu In Anambra / Kogi States
- Oba – Nnewi Road Section II in Anambra State
- Ogrute (Enugu State) – Akpanya – Odolu (Kogi State) Road Section II with extension to Obollo Afor.
- Tamawa – Gulu Road at Rimin Gado LGA in Kano State
- Jalingo – Kona – Lau – Karim Road Phase I in Taraba State, etc
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