2019 Budget: President Buhari Signs N8.91tn Budget

• 2019 Budget: President Buhari Signs N8.91tn Budget

President Muhammadu Buhari has finally signed the 2019 budget into law on Monday morning following its approval by the National Assembly a few weeks ago.

The N8.91 trillion 2019 Appropriation Bill was signed into law today at the Presidential Villa.

A quick breakdown of the approved budget, the National Assembly had increased the figure of the proposed budget to N8.91 trillion few weeks ago before finally passing it at a Senate’s plenary session headed by the Senate President, Bukola Saraki in April.

In the N8.91 trillion budget, a total of N2.094 trillion was appropriated for capital expenditure, while N4.055 trillion was allocated to recurrent expenditure. Statutory transfers, special intervention fund and fiscal deficit were allocated N502 billion, N500 billion and N1.908 trillion, respectively. About 1.37 percent was budgeted for Gross Domestic Product deficit.

The National Assembly adopted the Medium Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP) for 2019 budget.

Crude oil production was estimated at 2.3 million barrels per day with oil benchmark at $60 per barrel. Foreign exchange rate put at N305 per US dollar.

The budget is expected to enhance economic productivity in the 2019 fiscal year and help the administration sustain the ongoing capital projects.