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Some senators on Tuesday described the projections contained in the 2018 budget proposal presented by President Muhammadu Buhari as unrealistic.
The senators who spoke during the debate on the general principle of the fiscal document also faulted what they described as ‘abysmal implementation of the 2017 budget’.
The Senate leader, Ahmad Lawan had while giving the overview of the budget said the budget was predicated on oil price benchmark $45 per barrel; oil production estimate of 2.3 million barrel per day; exchange rate of N305/US$; real GDP growth of 3.4 percent and inflation rate of 12.
He said 30.8 percent of the N8.6 trillion budget, amounting to N2,652 trillion has been allocated to capital projects. Lawan said that the fiscal operations will result in a deficit of N2,005 trillion and that it will be partly financed by new borrowing estimated at N1.699 trillion. “While 50 percent of the borrowing will be sourced externally, the balance be sourced domestically.
Photo Caption: Senate President Bukola Saraki
