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:
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.