Nigerian Government has stipulated N8.06 brillion as expected spending for year 2018, according to the detail contained in the Medium Term Expenditure Framework which was submitted to the National Assembly this week.
2018 budget is 15.5 per cent more than N7.44 trillion budgeted for 2017.
Out of the expected spending of N8.06 trillion for 2018, N5.65 trillion is to be financed by revenue which would be generated by the Federal Government. The balance of N3.52 is to be offset by budget deficit by borrowing.
The revenue to be so generated is about 11 per cent (N562.50) increase of the 2017 revenue.
The spending framework also stipulated that 43.2 per cent of the revenue will be sourced from oil, with the balance from non-oil sources.
Accordingly, price of oil is fixed at benchmark of $53 per dollar, higher than $44.5 in 2017.
The statement revealed government committment in improving the quality and efficiency of spending, as it vowed to properly scrutinize public expenditure to get value for money.
“To achieve this, the budget formulation process will be strengthened, while overhead expenditure provisions will be guided by recommendations of the Efficiency Unit, capital projects will be evaluated for consistency with ERGP Implementation Plan (ERGP-IP) as well as set performance indicators.
“Thus, over the next three years, the legal and regulatory framework will be strengthened to improve the relationship between expenditure and outcomes”, the statement said.
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