PRELIMINARY REVIEW OF THE 2018 FEDERAL APPROPRIATION BILL BY CENTRE FOR SOCIAL JUSTICE LIMITED BY GUARANTEE

1. Introduction

The Centre for Social Justice (CSJ), a Nigerian Knowledge Institution welcomes the presentation of the 2018 Federal Budget by President Muhammadu Buhari on the 7^th day of November 2017 in accordance with section 81 of the Constitution of the Federal Republic of Nigeria 1999, as amended. The budget expenditure is in the sum of N8.612 trillion which is a 16% increase over the 2017 figure; retained revenue of N6.607 trillion being 30% above the 2017 estimates and a deficit of N2.005 trillion. The key assumptions are the benchmark price of $45 per barrel of crude oil; daily production of 2.3 mbpd and an average exchange rate N305 to 1USD. The real GDP growth is projected at 3.5% and inflation rate of 12.4%.

The projected expenditure of N8.612 trillion even though it is high in Naira terms amounts to a paltry $28.24 billion[1]; and when divided by 180 million Nigerians amounts to a per capita federal expenditure of N47,844.44k (forty seven thousand, eight hundred and forty four naira, forty four kobo)

[1] At the official exchange rate of N305 to $1. But when the real exchange rate of N360 to $1 is used, it amounts to $23.92 billion.

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