Budget size: N8.612 trillion (16 % higher than 2017 estimates) Assumptions, projections • Benchmark crude oil price-US$45 per barrel • Oil production estimate – 2.3 million barrels per day • Exchange rate – N305/US$ for 2018 • Real GDP growth of 3.5 per cent • Inflation Rate of 12.4 per cent Expenditure Estimates The proposed aggregate expenditure of N 8.612 trillion (16 per cent above 2017 budget estimate) will comprise • Recurrent Costs of N3.494 trillion • Debt Service of N2.014 trillion • Statutory Transfers of about N456 billion • Sinking Fund of N220 billion (to retire maturing bond to local contractors) • Capital Expenditure of N2.428 trillion (excluding the capital component of statutory transfers). Recurrent Expenditure A substantial part of the recurrent cost proposal for 2018 is for the payment of salaries and overheads in key ministries providing critical public services such as: • N510.87 billion for Interior • N435.01 billion for Education • N422.43 billion for Defence • N269.34 billion for Health Capital Expenditure Key capital spending allocations in the 2018 Budget include: • Power, Works and Housing: N555.88 billion • Transportation: N263.10 billion • Special Intervention Programmes: N150.00 billion • Defence: N145.00 billion • Agriculture and Rural Development N118.98 billion • Water Resources: N95.11 billion • Industry, Trade and Investment: N82.92 billion • Interior: N63.26 billion • Education N61.73 billion • Universal Basic Education Commission: N109.06 billion • Health: N71.11 billion • Federal Capital Territory: N40.30 billion • Zonal Intervention Projects N100.00 billion • North East Intervention Fund N45.00 billion • Niger Delta Ministry: N53.89 billion • Niger Delta Development Commission: N71.20 billion. Key projects and programmes to be implemented in 2018: • N9.8 billion for the Mambilla hydro power project, including N8.5 billion as counterpart funding • N12 billion counterpart funding for earmarked transmission lines and substations • N35.41 billion for the National Housing Programme • N10.00 billion for the 2nd Niger Bridge • About N300 billion for the construction and rehabilitation of strategic roads Regional Spending Priorities for Peace, Security and Development • N65 billion for the Presidential Amnesty Programme has been retained in the 2018 Budget • Capital provision for the Ministry of Niger Delta increased to N53.89 billion from the N34.20 billion provided in 2017 • Completion of East-West Road, with a provision of about N17.32 billion in 2018 (NAN)]]>
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The book, titled The Law of Torts in Nigeria: A Functional Approach, authored by Professor Hagler Sunny Okorie Ph.D and Ikeocha, Nathaniel Ngozi Esq, offers law students, practitioners, and academics a comprehensive guide to understanding and applying tort law in Nigerian courts. Interested buyers can place orders via the following contact numbers: 08028636615, 08037667945, 08032253813, or +234 902 196 2209.
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