Nigeria mulls NGN8.6 trillion for 2018 budget

Nigeria mulls NGN8.6 trillion for 2018 budget

Africa’s largest economy, Nigeria, has released its estimate for its 2018 budget which might be in the region of about NGN8.6 trillion.

This is a record 15.5% increase on a year on year basis.

Using real-time exchange rate, the government plans to spend USD27.34 billion. According to a draft of the budget sighted by Reuters News, the major highlights of the proposed bill will see the government:

  • Target oil production at 2.3 million barrels per day
  • Raise taxes on premium and luxury products by up to 15%
  • This will be the third time in three years Nigeria will be having a record budget and the implication will be far-reaching and instructive.

    Apart from the fact that the government has cut its growth forecast for the year down to 1.5% as against 2.19% earlier planned, the 2018 budget will further put to test how President Muhammadu Buhari can stimulate Nigeria’s fragile economy into a fully-recovered state.