Fg proposes n8 6trillion national budget 2018
It seems like you're referring to the 2018 national budget proposal in Nigeria. Here's a summary:
On November 7, 2017, the Federal Government of Nigeria presented the 2018 Appropriation Bill to the National Assembly, proposing a budget of N8.612 trillion. This represents a 15.1% increase from the 2017 budget of N7.298 trillion.
Here are some key highlights from the proposed budget:
- Revenue: The government projected a revenue of N5.08 trillion, with oil revenue accounting for N2.44 trillion and non-oil revenue accounting for N2.64 trillion.
- Expenditure: The proposed budget is divided into three main components:
- Capital Expenditure: N2.652 trillion (31% of the total budget), which includes projects and investments in infrastructure, agriculture, and other sectors.
- Recurrent Expenditure: N4.94 trillion (58% of the total budget), which includes salaries, overheads, and other operational costs.
- Statutory Transfers: N434 billion (5% of the total budget), which includes transfers to agencies such as the National Assembly, Judiciary, and Independent National Electoral Commission (INEC).
- Sectoral Allocation: The budget allocates funds to various sectors, including:
- Agriculture: N143 billion (1.7% of the total budget)
- Education: N541 billion (6.3% of the total budget)
- Health: N245 billion (2.9% of the total budget)
- Infrastructure: N1.3 trillion (15.2% of the total budget)
- Defence: N1.04 trillion (12.1% of the total budget)
- Fiscal Deficit: The government projected a fiscal deficit of N2.01 trillion, which is expected to be financed through domestic and foreign borrowing.
The 2018 budget proposal was later passed by the National Assembly in June 2018, with some modifications. The final budget was signed into law by President Muhammadu Buhari on June 20, 2018.