Nigeria's President Buhari presents $28.80 billion budget for 2019 to lawmakers

The 2019 budget is smaller compared to the record N9.12 trillion budget for 2018.

President Buhari presents 2019 budget before Nigerian lawmakers, December 19, 2018.

President Muhammadu Buhari on Wednesday presented $28.80 billion (N8.83 trillion) budget for 2019 to the National Assembly for scrutiny.

This is President Buhari's fourth and last budget for his first term in office as he is also seeking re-election for the February 2019 presidential poll.

The 2019 Budget proposal is based on the following assumptions:

  • Oil price benchmark of $60 per barrel;
  • Oil production estimate of 2.3 million barrels per day, including condensates;
  • Exchange rate of N305/$;
  • Real GDP growth of 3.01%; and
  • Inflation Rate of 9.98%.

The 2019 budget is smaller compared to the record N9.12 trillion budget for 2018 that the lawmakers approved mid-year.

Paul Alaje, a development and finance analyst, in an interview with Channels Television on the 2019 budget said plans on job creation is still missing as unemployment jumped into 23.1% in September 2018.  

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