Nigeria’s President Muhammadu Buhari presented on Tuesday a 2018 budget of 8.612 trillion naira, the country’s biggest ever, to lawmakers.

He said the budget was based on an exchange rate of 305 naira to the dollar and a projected oil output of 2.3 million barrels per day at an assumed price of $45.00 dollars per barrel.

The president said he was targeting Jan. 1, 2018 for the passage of next year’s budget, adding that the deficit is expected to be 2.005 trillon naira and real economic growth is estimated to be 3.5 percent for 2018.