8 facts from President Buhari’s speech during budget 2018 presentation

macfranc007 November 08, 2017 Nigeria News today & Breaking news ▷ Read Nigerian newspapers 24/7 Omotayo Yusuf

President Muhammadu Buhari presented the 2018 appropriation bill before a joint session of the National Assembly in Abuja on Tuesday, November 7.

Below are eight takeaways from the president’s speech.

1. By all accounts, 2018 is expected to be a year of better outcomes. The tepid economic recovery is expected to pick up pace and the global political terrain is expected to stabilise. The International Monetary Fund (IMF) is anticipating global GDP growth of 3.7% in 2018. Emerging markets and developing economies are expected to lead with GDP growth of 4.9%, while advanced economies are projected to grow at a slower rate of 2 percent.

2. We are working hard on the Ogoni Clean-up Project. During the year, we engaged 8 international and local companies proposing different technologies for the mandate. To enable us select the best and most suitable technology for the remediation work, we asked each company to conduct Demonstration Clean-up Exercises in the 4 local government areas of Ogoni Land. These demonstrations were recently concluded and the results are being studied by the governing council of the Ogoni Clean-up Project. Although the project will be funded by the International Oil Companies, we have made provisions in the 2018 Budget for the costs of oversight and governance, to ensure effective implementation.

3. The agricultural sector played a crucial role in Nigeria’s exit from recession. Today, it remains the largest employer of labour and holds significant potential to realise our vision of repositioning Nigeria as a food secured nation.

4. Over 4.5 million Primary 1 to Primary 3 pupils in public schools are being fed under the School Feeding programme;

5. A total expenditure of 8.612 trillion Naira is proposed for 2018. This is a nominal increase of 16 percent above the 2017 Budget estimate. In keeping with our policy, 30.8 percent (or 2.652 trillion Naira) of aggregate expenditure (inclusive of capital in Statutory Transfers) has been allocated to the capital budget.

6. We plan to finance the deficit partly by new borrowings estimated at 1.699 trillion Naira. Fifty percent of this borrowing will be sourced externally, whilst the balance will be sourced domestically. The balance of the deficit of 306 billion Naira is to be financed from proceeds of privatisation of some non-oil assets by the Bureau of Public Enterprises (BPE).

7. Key capital spending allocations in the 2018 Budget include:

a. Power, Works and Housing: N555.88 billion;

b. Transportation: N263.10 billion;

c. Special Intervention Programmes: N150.00 billion;

d. Defence: N145.00 billion;

e. Agriculture and Rural Development N118.98 billion;

f. Water Resources: N95.11 billion;

g. Industry, Trade and Investment: N82.92 billion;

h. Interior: N63.26 billion;

i. Education N61.73 billion;

j. Universal Basic Education Commission: N109.06 billion;

k. Health: N71.11 billion;

l. Federal Capital Territory: N40.30 billion;

m. Zonal Intervention Projects N100.00 billion;

n. North East Intervention Fund N45.00 billion;

o. Niger Delta Ministry: N53.89 billion; and

p. Niger Delta Development Commission: N71.20 billion.

PAY ATTENTION: Read the news on Nigeria’s #1 new app

8. Distinguished and Honourable Members of the National Assembly, you will recall that in my 2017 Budget Speech, I promised a new era for Nigeria and an end to the old ways of overdependence on oil revenues. The statistics and initiatives I mentioned clearly show that this new era has come and the old Nigeria is surely disappearing. We must, therefore, all work together to protect and sustain this CHANGE to create a new Nigeria:

a. A Nigeria that feeds itself;

b. A Nigeria that optimally utilizes its resources;

c. A Nigeria with a diversified, sustainable and inclusive economy.

NAIJ.com had earlier reported that Senate president, Bukola Saraki, sent a vital message to President Buhari on the presentation of the 2018 appropriation bill.

In the speech delivered on Tuesday, November 7, the Senate president applauded the president for the timely presentation.

What is working well and what needs improvement in Nigeria? - on NAIJ.com TV