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Nigerian President signs 2018 Appropriation Bill

Nigerian President signs 2018 Appropriation Bill

His Excellency, President Muhammadu Buhari, GCFR, on Wednesday, 19 June 2018, signed the 2018 Appropriation Bill of ₦9.1 trillion into law.

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The joint session of the National Assembly had in May 2018 passed Nigeria’s 2018 National Budget of Consolidation (“the Budget”) following a review of the budget proposals and recommendation of changes thereto by the House of Representatives and Senate Committees on Appropriation.

Please click here to read our earlier newsletter on the 2018 Budget proposals presented by the President to the National Assembly in November 2017.
 
We have highlighted below the key assumptions in the Budget vis-à-vis the 2017 Budget of Recovery and Growth: 

Budget Assumption 2017 Approved Budget   2018 Proposed Budget   2018 Approved Budget  
Benchmark oil price $44.5 per barrel
$45 per barrel $51 per barrel
Oil production volume (bpd) 2.2 million 2.3 million 2.3 million
Average exchange rate ₦305:1 ₦305:1 ₦305:1
Capital expenditure ₦2.2 trillion ₦2.4 trillion ₦2.9 trillion
Statutory transfer ₦0.4 trillion ₦0.5 trillion ₦0.5 trillion
Debt service ₦1.8 trillion ₦2.2 trillion ₦2.2 trillion
Recurrent expenditure ₦3.0 trillion ₦3.5 trillion ₦3.5 trillion
Aggregate expenditure ₦7.4 trillion ₦8.6 trillion ₦9.1 trillion
Fiscal deficit ₦2.4 trillion ₦2.0 trillion ₦2.0 trillion

One of the key expectations of the 2018 Budget is that it will sustain the reflationary strategies of the Government as enunciated in its Economic Recovery and Growth Plan and the Medium Term Expenditure Framework (2018 to 2020).  However, the actual impact of the Budget would ultimately depend on how effectively it is implemented by the Federal Government.

For questions or feedback, please contact:
 
Wole Obayomi

ng-fmtaxenquiries@ng.kpmg.com

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