08, 2017 3:55PM / Arthur Steven Asset Management Research
The Federal Government’s estimated total revenue is N6.607 trillion in 2018 and Oil revenues is projected to be N2.442 trillion. To accentuate the revenue diversification policy of the , Non-oil and other revenue is projected to be N4.165trillion which includes : Share of Companies Income Tax (CIT) of N794.7 billion, share of Value Added Tax (VAT) of N207.9 billion , Customs & Excise Receipts of N324.9billion , FGN Independently Generated Revenues (IGR) of N847.9 billion , FGN's Share of Tax Amnesty Income of N87.8 billion , and various recoveries of N512.4 billion , N710 billion as proceeds from the restructuring of government’s equity in Joint Ventures and other sundry incomes of N678.4 billion .
A total expenditure of N8.612trillion is proposed for 2018, an increase of 16% above the 2017 Budget estimate and it comprises:
a. Recurrent Costs of N3.494trillion;
b. Debt Service ofN2.014trillion;
c. Statutory Transfers of about N456billion;
d. Sinking Fund of N220 billion (to retire maturing bond to Local Contractors);
e. Capital Expenditure of N2.428 trillion (excluding the capital component of Statutory Transfers).
It is expected that FGN fiscal operations would result into a deficit of N2.005trillion or 1.77% of GDP. However, the government plans to finance the deficit partly by new borrowings estimated at N1.699 trillion which will be sourced equally from both domestic and external sources. The balance of the deficit of N306 billion is to be financed from proceeds of privatization of some non-oil assets by the Bureau of Public Enterprises (BPE).
spending allocations in the 2018 Budget include:
a. Power, Works and Housing: N555.88 billion;
b. Transportation: N263.10 billion;
c. Special Intervention Programmes: N150.00 billion;
d. Defence: N145.00 billion;
e. Agriculture and Rural Development N118.98 billion;
f. Water Resources: N95.11 billion;
g. Industry, Trade and Investment: N82.92 billion;
h. Interior: N63.26 billion;
i. Education N61.73 billion;
j. Universal Basic Education Commission: N109.06 billion;
k. Health: N71.11 billion;
l. Federal Capital Territory: N40.30 billion;
m. Zonal Intervention Projects N100.00 billion;
n. North East Intervention Fund N45.00 billion;
o. Niger Delta Ministry: N53.89 billion; and
p. Niger Delta Development Commission: N71.20 billion.
Key figures earmarked under this item include :
a. N510.87 billion for Interior;
b. N435.01 billion for Education;
c. N422.43 billion for Defence; and
d. N269.34 billion for Health.
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