President Muhammadu Buhari on Tuesday formally presented an N8.6 trillion 2018 Appropriation Bill to a joint session of the National Assembly.
Christened the ‘budget of consolidation,’ it represented a 16 per cent increase from the N7.44 trillion appropriated in 2017.
Buhari announced that the Appropriation Bill was projected at an oil price of $45 per barrel and an estimate of 2.3 million barrels per day.
He added that the budget is further projected on an exchange rate of N305 to $1, a real Gross Domestic Growth of 3.5 per cent and inflation rate of 12.4 per cent.
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