The budget, presented on Wednesday to a joint session of the National Assembly that was both rancorous and rapturous, is premised on the calculation that oil sells for $60 per barrel with Nigeria producing 2.3 million barrels per day.
President Muhammadu Buhari has presented a budget of N8.83 trillion for the 2019 fiscal year.
The budget, presented on Wednesday to a joint session of the National Assembly that was both rancorous and rapturous[story_link align="left"]65689[/story_link], is premised on the calculation that oil sells for $60 per barrel with Nigeria producing 2.3 million barrels per day.
The proposal also assumes that the exchange rate will be N305 to $1, plus a real GDP growth of 3.01 per cent and inflation rate of 9.98 per cent.
A total of N2.14 trillion of the budget, representing roughly a quarter, will go into debt servicing, while capital expenditure will consume N2.031 trillion.
Similarly, recurrent expenditure will consume N4.04 trillion, statutory transfer N492.36 billion and sinking fund N120 billion.
The President also said N65 billion had been set aside for the Amnesty Programme. N45 billion for the north-east intervention fund and N10 billion set aside as take-off capital for the North East Development Commission.