President Muhammadu Buhari has announced a record budget of ₦8.6 trillion aimed at helping the economy recover from its recession and also modernise its infrastructure.
The budget which is 16% higher than the previous year is tagged ‘budget of consolidation’ will focus on vital and critical sectors of the economy such as health, road, housing, job creation and security.
The President also added that the 2018 budget will consolidate on the achievements of the 2017 budget.
The budget seeks to consolidate on the over 766km of constructed and rehabilitated roads, procurement of ten locomotives and two for the Abuja-Kaduna rail line to be commissioned in December as well as boost food security in the Nation.
The President further stated that six crop processing zones will be established in 2018 to develop infrastructure for producing and processing crops.
The budget is projected at an oil price of $45 per barrel with an estimate of 2.3 million barrel per day.
He added that a GDP growth of 9 per cent is expected on the budget with crop production being a major contributor to non-oil growth, raising to 0.45 per cent, with an estimated ₦2.4 trillion oil revenues is projected for 2018.
President Buhari stated that, despite the downturn in oil prices, over ₦1.2 trillion was invested in capital budgets through the 2016 budget.
As at October 30, 2017, external reserves increased to $34 billion, domestic debts account for about 79% of the total debt and measures are being put in place to reduce this to 60% in 2018 and increase external to 40%, Buhari said.
Also in his speech, President Buhari pledged to keep peace in the Niger Delta as the country “cannot afford to go back to dark days of insecurity”.
“Though we cannot control the price of crude oil, we are determined to get our production back to at least 2.2 million barrels per day.”
He added: “We will continue our engagement with the communities in the Niger Delta to ensure that there is minimum disruption to oil production.
“We must all come together to ensure peace reigns in the Niger Delta.”
The Niger Delta Avengers said it had ended a ceasefire and promised a “brutish, brutal and bloody” violent return.
Oil Minister, Emmanuel Ibe Kachikwu will pay a visit to the region this week in an attempt to maintain the ceasefire.
