President Muhammadu Buhari presented on Tuesday a 2018 budget of N8.612 trillion naira, the country’s biggest ever, to the National Assembly.
He said the budget was based on an exchange rate of 305 naira to the dollar and a projected oil output of 2.3 million barrels per day at an assumed price of $45.00 dollars per barrel.
The President assured that the 2018 budget would be a consolidation of the earlier ones, noting that 2018 is expected to be a year of better outcomes, while describing the document as “Budget of Consolidation.”
The president said he was targeting Jan. 1, 2018 for the passage of next year’s budget, adding that the deficit is expected to be 2.005 trillon naira and real economic growth is estimated to be 3.5 percent for 2018.
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