President Muhammadu Buhari Signs 2019 Appropriation Bill Into Law

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Monday, May 27, 2019  03:20PM /  by Glory Okutue, Proshare Research/ Header Credit Image: @AsoRock

 

Download Full PDF Report Here - Budget 2019 Breakdown – Udo Udoma


Highlights:

  • Proposed Aggregate expenditure of N8.916 trillion
  • Capital Expenditure of N2.09trillion
  • Recurrent Expenditure N4.05trillion
  • Statutory Transfer N502.58 billion
  • Special Intervention Fund of N500 billion
  • Fiscal Deficit N1.91trillion
  • Debt Service N2.25 trillion (Domestic Debt 1.7trillion; Foreign Debts N433billion)

 

Key Benchmarks

  • Estimated crude oil production of 2.3 million barrels per day
  • Estimated crude oil price of $60 per barrel
  • Exchange rate of N305/$1
  • Projected GDP growth rate of 3.01% 

 

President Muhammadu Buhari has signed the 2019 appropriation bill into law; ahead of his inauguration scheduled for Wednesday May 29, 2019. The signed budget has an aggregate expenditure of N8.916 trillion; N90 billion higher than the N8.826 trillion presented by President Buhari to a joint session of the National Assembly in December 2018.  The approved expenditure of N8.916 trillion is however 2.24% lower than the 2018 approved budget expenditure of N9.120 trillion naira. The upgraded budget has a capital expenditure of N2.09trillion which is 27.2% less than the 2018 approved capital expenditure of N2.87trillion and a recurrent expenditure of N4.05trillion as against N3.5trillion approved in 2018 budget. The sum of N502.58billion was allocated to statutory transfers while N500billion was allocated to special intervention funds. The proposed fiscal deficit was also raised by the National Assembly to N1.91trillion from the N1.86 trillion proposed by the President and fiscal deficit to GDP rose to 1.37%. A total debt service of N2.25trillion was approved by the lawmakers out of which 1.7 trillion is provided for domestic debts while N433billion is allocated for foreign debts. 

 

Highlights

2019 Approved Budget (N'trn)

2018 Approved Budget (N'trn)

% change

Aggregate Expenditure

8.92

9.12

-2.24%

Capital Expenditure

2.09

2.87

-27.18%

Recurrent Expenditure

4.05

3.51

15.38%

Statutory Transfer

0.503

0.530

-5.09%

Debt Service

2.25

2.01

11.94%

Fiscal Deficit

1.91

1.95

-2.05%



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