Infrastructure, Defence Get Bulk Of Buhari’s BudgetBy cheatmaster 09:25 Tue, 07 Nov 2017 Comments
Infrastructure, represented by the Ministry of Power, Works and Housing and Ministry of Transportation, and Defence, will take the bulk of federal capital spending in 2018, according to a proposal submitted by President Muhammadu Buhari to the National Assembly Tuesday.
The three ministries will get money more than the 12 other sectors combined.
Dubbed the ‘Budget of Consolidation,’ President Buhari said the budget would consolidate on the achievements of previous budgets and deliver on Nigeria’s Economic Recovery and Growth Plan (ERGP) 2018 – 2020.
Giving a further breakdown of the budget, Mr Buhari said that 30.8 percent (or N2.652 trillion) of the budget will be allocated to capital expenditure while N3.494 trillion is budgeted for recurrent expenditure.
Details of the budget proposal revealed that the Power, Works and Housing has the highest capital project proposal with N555.88 billion.
The president listed some projects which will be executed under this sector in 2018 to include the Mambilla hydro power project and the National Housing Programme.
Transportation sector comes second with a projected allocation of N263.10 billion for capital projects.
Specifically, N12 billion counterpart funding is earmarked for transmission lines and substations, N10.00 billion for the 2nd Niger Bridge; and N300 billion for the construction and rehabilitation of the strategic roads.
The third sector to attract most in capital expenditure proposal is Special Intervention Programmes with N150.00 billion and Defence, fourth with N145.00 billion.
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