Nigeria to spend $29 billion in 2019 as lawmakers make provision for unforeseen security challenges

President Buhari presents 2019 budget before Nigerian lawmakers, December 19, 2018.
  • Nigerian Senate passes N8.91 trillion ($29 billion) for 2019 budget
  • The figure is N86 billion higher than the N8.83 trillion proposed by President Muhammadu Buhari submitted last December.
  • President Muhammadu Buhari, who is on a private visit to the United Kingdom will need to sign the budget for it to become law.

Nigerian Senate on Tuesday passed N8.91 trillion ($29 billion) for 2019 budget, N86 billion higher than the N8.83 trillion proposed by President Muhammadu Buhari submittedlast December.

The increase, the parliamentarians explained that it will boost expenditure on security to help the government combat rising militancy and kidnapping in Africa's most populous nation.

Senator Mohammed Goje, Senate chairman on appropriation, said, “There is a slight increase in the budget deficit. There was also the need to provide more funds for the security and intelligence agencies to deal with additional emerging/unforeseen security challenges in the country.”

The highlights of the 2019 budget:

  • Crude production of 2.3 million barrels a day.
  • Assumed oil price of $60 per barrel
  • Exchange rate of N305 to the dollar – the official market value of the local currency
  • A projected Real GDP growth of 3.01%
  • Inflation Rate of 9.98%.

President Muhammadu Buhari, who is on a private visit to the United Kingdom will need to sign the budget for it to become law.

Our newsletter gives you access to a curated selection of the most important stories daily.

Welcome to the Pulse Community! We will now be sending you a daily newsletter on news, entertainment and more. Also join us across all of our other channels - we love to be connected!

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Mathias Pogba brands Paul Pogba 'a so-called Muslim steeped in witchcraft' amid fetish claims about Kylian Mbappe

Mathias Pogba brands Paul Pogba 'a so-called Muslim steeped in witchcraft' amid fetish claims about Kylian Mbappe

Referee behind chaos at AFCON was rushed to hospital after match

Referee behind chaos at AFCON was rushed to hospital after match

Ne-Yo speaks out after wife Crystal announced end of their 8-year marriage

Ne-Yo speaks out after wife Crystal announced end of their 8-year marriage

Eddie Butita speaks on his fallout with Miss Mandi, offers her a job

Eddie Butita speaks on his fallout with Miss Mandi, offers her a job

Sadio Mane the odd one out as Bayern Munich stars take team photo with glasses of beer

Sadio Mane the odd one out as Bayern Munich stars take team photo with glasses of beer

Africa's richest man, Aliko Dangote, adds extra $915 million to his vast wealth in Q1 2022

Africa's richest man, Aliko Dangote, adds extra $915 million to his vast wealth in Q1 2022