The Next Edition
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate
No Result
View All Result
The Next Edition
No Result
View All Result
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate
Home Headline News

Buhari presents N8.83trn budget for 2019 to National Assembly

Next Edition by Next Edition
December 19, 2018
in Headline News
Buhari presents N8.83trn budget for 2019 to National Assembly

Buhari

0
SHARES
18
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

President Muhammadu Buhari on Wednesday unveiled a federal budget of N8.83 trillion for the 2019 fiscal year.

The figure came in the 2019 Appropriation Bill presented by the president to a joint session of the National Assembly in Abuja.

You might also like

Guild of Editors Suspends Editor For One Year

Enugu Govt. Urges Digital Health Records Adoption  

Police Arrest Three Suspects For Kidnapping Bayelsa High Court Judge, Justice Umokoro

The News Agency of Nigeria (NAN) reports that the 2019 total budget estimate is N300 billion lower than the N9.1 billion being implemented for the current fiscal year.

According to Buhari, N4.04 trillion or 50.31 per cent is earmarked for recurrent expenditure and N2.03 trillion representing 22.98 per cent earmarked for capital projects.

Other estimates are N492.36 billion for statutory transfers; N2.14 trillion for debt servicing and provision of N120 billion as sinking fund.

He explained that the sinking fund would be used to “retire maturing bonds to local contractors”.

The 2019 budget proposal is based on an oil production estimate of 2.3 million barrels per day and an exchange rate of N305 to a dollar.

Other benchmarks are: real Gross Domestic Product (GDP) growth rate of 3.01 per cent and inflation rate of 9.98 per cent.

The total projected revenue, according to the president, is N6.97 trillion, which is three per cent lower than the 2018 estimate of N7.17 trillion.

Buhari said the expected income consisted of oil revenue projected at N3.73 trillion, and non-oil revenue estimated at N1.39 trillion.

“The estimate from non-oil revenue consists of N799.52 billion from company income tax; N229.34 billion from value added tax, and customs duties of N302.5 billion.

“We have reduced our expectations from independent revenue to N624.58 billion.

“Other revenues expected in 2019 include various recoveries of N203.38 billion; N710 billion as proceeds from the restructuring of government equity in joint ventures, and other sundry incomes of N104.1 billion,” he said.

The president explained that the total N8.83 trillion proposed expenditure for 2019 included grants and donor funds amounting to N209.92 billion.

READ ALSO: NLC says no technical committee can look into N30,000 minimum wage

Buhari said although the 2019 estimate was lower than the 2018 budget of N9.1 trillion, it was higher than the N8.6 trillion originally proposed by the executive to the National Assembly.

The budget deficit is projected to decrease to N1.86 trillion or 1.3 per cent of the GDP in 2019 from N1.95 trillion projected for 2018.

“This reduction is in line with our plan to progressively reduce deficit and borrowings over the medium term,” he said.

On sectoral allocation, the president said the Ministry of Interior would get N569.07 billion, Defence (N435.62 billion), Education (N462.24 billion) and Health (N315.62 billion).

Tags: 2019BudgetBuhariN8.83trnNational AssemblynewsNEXT EDITIONNIGERIA NEWSPolitics
Next Edition

Next Edition

Recommended For You

NGE Demands End To Harassment Of Journalists By Ebonyi Govt

Guild of Editors Suspends Editor For One Year

  The Nigerian Guild of Editors (NGE) has suspended one of its members, Mr. Steve Osuji, for violating the "off the record" provision in the Code of Ethics...

How My Husband, Pastor Killed My 7-Year-Old Son For Money Ritual In Enugu- Wife

Enugu Govt. Urges Digital Health Records Adoption  

    The Enugu State Government has called on public and private hospitals to adopt the digitalisation of patients’ medical records to enhance service delivery and reduce treatment...

Police Arrest 'immigration officer,' 3Others With Trailers Of Rustled Cows

Police Arrest Three Suspects For Kidnapping Bayelsa High Court Judge, Justice Umokoro

The kidnappers had last saturday demanded sum equivalent of N300million in foreign currency for his release.   The Nigerian police have arrested three suspected kidnappers of the Bayelsa...

CAC Registers 2million Businesses As FG Moves To Tackle Unemployment

CAC Unveils AI-powered Registration Portal

  The Corporate Affairs Commission (CAC) has announced a complete overhaul of the Company Registration Portal (CRP) and introduced a new Artificial Intelligence (AI)-powered registration portal, which is...

Next Post
Buhari condemns Alex Badeh murder, directs security agencies to find killers

Buhari condemns Alex Badeh’s murder, directs security agencies to find killers




Related News

Dragged

Defeated APC Governorship Aspirant In A/Ibom Drums Support For Winner

Flood Kills Pregnant Woman, 2 Others in Jos

Flood Kills Pregnant Woman, 2 Others in Jos

Criticism of our progamme baseless- Okowa

Okowa urges rice farmers to boost production




The Next Edition

Office Address

3B, Agboola Aina street, Off Toyin Street,
Ikeja, Lagos.

Quick Contact Details

Phone:
08033018430
Whatsapp:
08051679910

Email:
[email protected]
[email protected]

Categories

  • Aviation
  • Beauty
  • Breaking News
  • Business
  • Columnists
  • Editorial
  • Entertainment
  • Fashion
  • Featured
  • Football
  • Foreign
  • Headline News
  • Home & Garden
  • Interviews
  • Investigations
  • North Central
  • North East
  • North West
  • Opinion
  • Parenting
  • Politics
  • Relationships
  • South East
  • South West
  • South-South
  • Special Reports
  • Sports
  • Top News
  • Vox Pops

© Next Edition Business Development Limited

  • About Us
  • Advert Rate
  • Contact Us
  • Privacy Policy
  • Terms of Use
No Result
View All Result
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate

© Next Edition Business Development Limited