GOV. UDOM EMMANUEL PRESENTS 2018 BUDGET TO AKWA IBOM STATE HOUSE OG ASSEMBLY

HIGHLIGHTS OF THE 2018 BUDGET

The 2018 Budget is predicated on oil benchmark of $45 per barrel at a production rate of N2.3million barrels per day with an estimated exchange rate ofN305/US$, in line with the National Budget benchmark projections.

BUDGET SIZE:

Government has proposed a total budgetary outlay of N651.500 billion for the 2018 financial year as against the approved revised provision of N485.792 billion of 2017.


 This is made up of:

   Recurrent Expenditure                                  -  N  92.697 billion
   Capital Expenditure                                       -  N437.674 billion
   Consolidated Revenue Fund Charges           -  N120.859 billion
   Total                                                             -  N651.500 billion

 REVENUE:

The total projected Recurrent Revenue for 2018 is estimated at N289.000 billion as against the approved revised provision of N188.500 billion for 2017. The breakdown is as follows:  
                                                     
Internally Generated Revenue (IGR)                -  N 35.496 billion
Statutory Allocation                                          -  N 25.000 billion
Derivation Fund                                               -  N200.800 billion
Retained Revenue from Parastatals                -  N    2.504 billion  
Value Added Tax (VAT)                                    -  N  12.000 billion
Budget Support                                                -  N  13.200 billion
Total                                                                -  N289.000 billion
RECURRENT EXPENDITURE:

For the 2018 Fiscal Year, Recurrent Expenditure is proposed at
N213.826 billion, made up of:

Personnel Costs                                              -  N  53.138 billion
Overhead Costs                                              -  N  39.829 billion
Consolidated Revenue Fund Charges            -  N120.859 billion
(including pensions, gratuities and public debts.)              
Total                                                               -  N213.826 billion

 CAPITAL EXPENDITURE:

The total Capital Receipts and Expenditure for the year 2018 is estimated at N437.674 billion as against the approved revised provision of N313.498 billion for 2017.  A total projected capital receipts shows that N75.174 billion will be transferred from the consolidated revenue fund while the balance of N362.500 billion is to be realized as follows:

Opening Balance from 2017 account               - N  10.000 billion  
Internal/External Loans                                    - N105.000 billion
Grants                                                              - N120.000 billion
Ecological Funds                                              - N  26.500 billion  
Re-imbursement from Federal      
Government on Road and other Infrastructure- N 65.000  billion
Investment Income                                         - N   1.000  billion
Refunds from Excess Loan Deduction and
other Exceptional Income                               - N  35.000 billion.

(Paul Bassey)