President Muhammadu Buhari has presented the proposal for the 8th and final budget of his administration.
The N20.15 trillion Budget was termed a Budget of Fiscal sustainability and transition.
Buhari disclosed this on Friday morning while presenting the budget to the National Assembly.
Buhari noted that the expenditure policy of the budget is to achieve policies set in the National Development Plan, 2021-25, which includes human development, food security, energy efficiency, and others.
He added that his administration will introduce a near-sustainable model to fund tertiary education citing, “we won’t sign any agreement we can’t sustain”.
The details of the Budget include:
The total package of N20.15 trillion.
Recurrent expenditure of N8.27 trillion, capital expenditure of N5.15 trillion, and debt service of N6.31 trillion.
The oil benchmark is pegged at $70 per barrel, with daily production of 1.69 barrels per day, and an exchange rate of N435 to the dollar.