Tag nigeria 2018 budget

The 2018 Budget of the Federal Government of Nigeria was presented by the Minister of Budget and National Planning, Udoma Udo Udoma, on November 7, 2017. The budget was titled "Budget of Consolidation" and had a total expenditure of N8.612 trillion.

Here are some key highlights of the 2018 Budget:

Revenue Projections:

• Total revenue: N6.387 trillion
• Oil revenue: N2.442 trillion
• Non-oil revenue: N1.945 trillion
• Capital expenditure: N2.356 trillion
• Recurrent expenditure: N6.256 trillion

Sectoral Allocation:

• Education: N541.8 billion (6.3% of total budget)
• Health: N343.7 billion (4.0% of total budget)
• Infrastructure: N1.345 trillion (15.7% of total budget)
• Defence: N314.8 billion (3.7% of total budget)
• Agriculture: N143.7 billion (1.7% of total budget)

Key Projects:

• Lagos-Kano Railway Modernization Project: N150 billion
• Second Niger Bridge: N104.9 billion
• Abuja-Kaduna-Zaria-Kano Road: N104.9 billion
• Power Sector Recovery Programme: N30 billion
• National Housing Fund: N30 billion

Fiscal Policy:

• The budget aimed to reduce the country's reliance on oil revenue and increase non-oil revenue.
• The government planned to implement policies to stimulate economic growth, including the implementation of the Economic Recovery and Growth Plan (ERGP).
• The budget also aimed to reduce the country's debt service-to-revenue ratio.

Challenges:

• The budget was criticized for being too optimistic, with some analysts predicting that the government would struggle to meet its revenue projections.
• The budget also faced challenges related to the implementation of the ERGP, including the need for significant investment in infrastructure and human capital development.

Overall, the 2018 Budget of Nigeria was seen as a step in the right direction towards diversifying the country's economy and reducing its reliance on oil revenue. However, it also faced challenges related to implementation and the need for significant investment in key sectors.