President Muhammadu Buhari on Wednesday presented the 2019 budget proposal to a joint session of the National Assembly.
However, the presentation was greeted with boos and cheers from lawmakers, especially from the opposition Peoples Democratic Party (PDP) present at the event.
While presenting the 2019 Appropriation Bill, Mr Buhari told the lawmakers that the executive plans to spend the sum of N8.83 trillion in the 2019 fiscal year.
The President explained that the budget proposal, which he christened Budget of Continuity, was prepared based on assumptions that oil price will average $60 per barrel during the financial year with production rate of 2.3 million barrels per day and an exchange rate of N305 to $1, Real GDP growth of 3.01 percent and inflation rate of 9.98 percent.
A breakdown of the budget estimate showed that while N4.04 trillion would be earmarked for recurrent expenditure, capital expenditure will swallow N2.03 trillion.
He further told the parliament that during the year, N2.14 trillion will be used for debt servicing, N492.36 billion for statutory transfer and N120 billion for sinking fund.
While addressing the legislators, the President said, “This being my last budget speech to the 8th National Assembly, I will review economic developments over the past three and a half years with particular emphasis on 2018. I will then highlight the budget proposals for 2019. The full details of which will be given by the Honourable Minister of Budget and National Planning.
“The last three and a half years have been challenging both at home and abroad. Commodity prices, both oil and non-oil, have been volatile. Global trends, be it security, trade or politics have also been unpredictable. Here in Nigeria, we have had to cope with disruptions in oil production and exports, security challenges and devastating floods.
“Through hard work, and by the special grace of God, we have weathered these storms and made progress on many fronts which is why we have cause to be optimistic about the future. “The economy has recovered from recession and we have had six quarters of growth since then.”
