The country’s national budget will rise by N1.16tn in 2018, according to projections contained in the 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy submitted to the National Assembly by President Muhammadu Buhari.
The President forwarded the MTEF/FSP to the National Assembly on Tuesday, with a covering letter read to members of the House of Representatives by the Speaker, Mr. Yakubu Dogara.
Details of the MTEF, which The PUNCH obtained in Abuja on Thursday showed that the Federal Government would spend N8.60tn next year, up from the N7.44tn appropriated in 2017.
The difference of N1.16tn represents a “15.5 per cent” increase over the budget of the current year.
This will also mean additional deficit in the 2018 budget size of up to N592.75bn or “25.0 per cent” over the N2.36tn deficit contained in the 2017 budget.
In 2016, the country’s budget was N6.06tn.
The details of the MTEF reveal that the anticipated…