Nigeria’s President, Muhammadu Buhari, on Wednesday, presented a budget proposal of N8.83 trillion for the year 2019 to a joint session of the National Assembly.
The 2019 Budget, tagged ‘Budget of Sustenance’, is a drop from the N9.12tn approved for 2018.
President Buhari proposed an oil benchmark of $60 per barrel with a daily production output of 2.3 million barrels per day (bpd).
The appropriation bill also pegged the exchange rate at 305 US Dollars. Its deficit is projected to reduce to 1.86 trillion in 2019.
The proposed budget shows that about a quarter of the sum (N2.14 trillion) will be used for debt servicing while capital expenditure is expected to gulp N2.031 trillion.
President Buhari received boos and cheers from lawmakers during the budget presentation.