Even as it is yet to release any funding for capital expenditure this year, Federal Government yesterday unveiled its plans to spend 9,939,307,110.56 in the 2018 fiscal year.
Minister of Budget and National Planning, Senator Udoma Udo gave an indication in Abuja on Thursday during a public consultation with civil society organizations, media, organized private sector and the general public on 2018-2020 Medium Term Fiscal Framework and Fiscal Strategy Paper.
The consultation started on Tuesday evening with the leadership of national assembly and will continue on today [Friday] in Lagos.
Udoma said the document would be presented to Federal Executive Council in a fortnight and submitted to the national assembly in October.
He explained that the budget would be based on oil production, volume of 2.30 million barrels per day; budget oil benchmark of $45/barrel; exchange rate of 305 naira/US $ AND INFLATION RATE OF 12.42 PERCENT.
in addition, government is projecting a nominal of 133.975naira, GDP growth rate of 4.8 percent;non-oil GDP of 104.652 trillion and oil GDP of 29.323trillion naira.
According to him, the project consists of capital expenditure of 2.408 trillion naira exclusive of transfers, a fiscal deficit of 2.77trillion naira; gross domestic product of 113.4 trillion naira and debt to GDP ratio of 2.45percent.
Overall, gross federation account inflows of 10.387 is being projected for 2018, which is slightly less than the 10.403 in 2017.
It would be recalled the national assembly had on January 18 approved the 2017/2018 MTEF and Fiscal Strategy Paper [DSP] with a significant mark up in the oil price benchmark to $44.5 per barrel up 4.0 percent from $42.5 percent contained in the original document submitted by the Presidency.
