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Buhari presents N8.83trn 2019 budget
President Muhammadu Buhari has presented the 2019 budget proposal of N8.83 trillion to a joint session of the National Assembly.
The budget breakdown shows that N2.14 trillion is allocated for debt servicing, while capital expenditure is N2.031 trillion. Thus, allocation for debt servicing exceeds the allocation for capital expenditure.
Allocation for recurrent expenditure is N4.04 trillion, statutory transfer is N492.36 billion; sinking fund is N120 billion.
The budget has a benchmark of $60 per barrel, at crude oil production of 2.3 million barrels per day.
The exchange rate benchmark is N305 to $1; projected GDP growth is put at 3.01 per cent and inflation rate 9.98 per cent.
The President told the lawmakers that the budget was prepared after wide consultations.
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