The federal government has proposed the sum of N8.6 trillion for the 2018 budget.
President Muhammadu Buhari in a letter to the Senate mentioned that the MTEF and FSP was ready against a back drop of a general adverse global economy uncertainties as well as fiscal challenges and recovery in the domestic recovery.
“In line with current realities in the international oil market, including weakening outlook of future prices occasioned by rising oil and unconventional oil supplies and slow economic recovery, as well as other potential downside risks, a benchmark oil of $45pb for 2018, $50pb for 2019 and $52pb in 2020 have been proposed,” he said.
Fiscal deficit was estimated to increase by N592.75bn (or 25.0%) from the estimate of N2.36trn in 2017.
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