Nigeria’s President Muhammadu Buhari is has informed the national assembly that he will present budget 2018 on November 7, 2017.
Africa’s largest economy is looking at spending NGN8.6 trillion which is approximately USD27.3 billion in the year 2018. This is a pr0posal which will be presented to the combined session of the upper and lower chamber of the parliament.
The 2018 budget will be 15.5% higher than the current year should it scale through legislative approval. Africa’s largest economy slipped into a recession last year after its oil production slowed down in the midst of a lower global oil price regime.
With the rise in crude oil price due to OPEC volume tightening and a diplomatic crisis between America and Iran, it is expected that 2018 will see a slightly higher and stable oil price regime. This is crucial to Nigeria’s budget to deliver as Africa’s largest oil exporter gets its major Forex from crude exports.