President Muhammadu Buhari has received the 2018 Appropriation Bill from the National Assembly for signing. Senator Ita Enang, the Senior Special Assistant to the President on National Assembly Matters (Senate), confirmed the receipt of the N9.12 Trillion Bill Friday.
The executive had proposed N8.61 Trn but NASS increased the proposed expenditure for the year when it passed the bill on May 16, 2018, raising crude oil price benchmark to $51 a barrel as against $45 dollars proposed by the executive.
Daily crude production was benchmarked at 2.3 million barrels per day at the exchange rate of N305 – $1.
Nigeria funds its budget mostly from proceeds of crude. Analysts estimate that cash from crude funds about 80% of total budget. Truth however is that oil would fund less than 50 per cent of the 2018 budget while taxes would fund about N4 trillion, with borrowing to bring in over N2 trillion.