2018 budget projections unrealistic — Senators
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Some senators yesterday 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% and inflation rate of 12.
He said 30.8 percent of the N8.6tr budget, amounting to N2,652tr has been allocated to capital projects.
Lawan said that the fiscal operations will result in a deficit of N2,005tr and that it will be partly financed by new borrowing estimated at N1.699tr.
“ While 50% of the borrowing will be sourced externally, the balance be sourced domestically, and the balance of the deficit of N306 billion is to be financed from the proceeds of privatization of some non-oil assets by the Bureau of Public Enterprises (BPE),” he said.
Speaking after Lawan, Senator Senator Enyinnaya Abaribe (Abia PDP), described the proposal as fictitious, adding that it does not consolidate on previous budgets as being claimed by the President Buhari.
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