Nigeria’s Buhari presents 8.612TRN naira 2018 budget to lawmakers

PUBLISHED: Wed, 08 Nov 2017 08:37:36 GMT
Share

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

Sign Up for Our Newsletter Daily Update

Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.

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.