Presentation Of 2018 Budget Proposal In Photos


President Muhammadu Buhari announced a record budget of 8.6 trillion naira (£21.4bn) to modernise its infrastructure.

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.

"Unless he addresses them (and we have analyzed here that addressing them might be hard for him), I think there is a milestone in democracy that you might say even if l am given 10 years there is much l can do but if l set the foundation and l am happy l have restored confidence and l have brought hope back, l could get younger people".

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Dubbed the 'budget of consolidation, ' the budget was about 16 per cent increase from the N7.44 trillion appropriated in 2017.

Buhari, who addressed lawmakers for an hour and 13 minutes - amid applause and intermittent murmurs by senators and members of the House - said he had released up to N450bn out of the N2.2tn budgeted for 2017 capital projects as of the end of October.

The budget presentation is scheduled to hold by 2 p.m.

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Debt costs are, however, already high in Nigeria and the president also said nearly a quarter of the budget's expenditure would go to servicing debt.

In a speech to present the 2018 budget President Buhari said the country "cannot afford to go back to dark days of insecurity" in the oil-producing Niger Delta region.

Last week, the militant group Niger Delta Avengers threatened a "brutal and bloody" return to the violence that past year slashed oil output.

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Buhari also said the country's exemption from production cuts organised by OPEC was a significant help to the country during its "most challenging time".