President Muhammadu Buhari presented the proposal for the 8th and final budget of his administration.
The N20.15 trillion Budget is called the Budget of Fiscal sustainability and transition.
Buhari disclosed this on Friday morning while presenting the budget to the National Assembly.
What he said:
Buhari noted that the policy of spending the budget is to achieve the policies set in the National Development Plan, 2021-25, which include human development, food security, energy efficiency, among others.
He added that his administration will introduce an almost sustainable model to fund tertiary education saying, “we will not sign any agreement that we cannot maintain”.
Budget details 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.
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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.
This is a developing story.