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Deloitte, one of the big 4 has made a summary of 2019 proposed budget presented by president Muhammadu buhari highlighting keynotes assumptions and comparing 2019 budget against 2018.


Deloitte summary-The 2019 Budget which flows from the 2019-2021 Medium-Term Expenditure Framework (MTEF) showed projected aggregate expenditure of ₦8.83 trillion, expected revenue of ₦6.97 trillion and a deficit of ₦1.86 trillion. The planned expenditure for 2019 is lower than the approved 2018 Appropriation Act figure of ₦9.12 trillion by 3% but higher than the estimate of ₦8.6 trillion contained in the President’s initial submission to the National Assembly. The expected revenue of ₦6.97 trillion for 2019 is also lower than the approved 2018 budget of ₦7.17 trillion by 3% but higher than ₦6.6 trillion contained in the Appropriation Bill initially submitted by the President.

Key assumptions

The budgeted daily crude oil production and exchange rate contained in 2019 Budget remained the same as in the approved prior year’s Budget at 2.3 million barrels per day and N305/$, respectively.

However, the benchmark oil price is put at $60 per barrel, up from the $51 per barrel approved for 2018. GDP growth is projected at 3.01% compared with 3.5% in prior year, while inflation rate is projected at 9.98%.

With the volatility in oil prices and the current downward trend being experienced, the benchmark oil price appears optimistic. It will also be a tough task to actualise planned daily oil production of 2.3 million barrels per day in an election year considering that actual daily oil production in 2018 as at the end of third quarter was 1.95 million barrels per day.

blog.deloitte.com.ng/federal-government-of-nigerias-2019-budget-of-continuity/

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Deloitte, one of the big 4 has made a summary of 2019 proposed budget presented by president Muhammadu buhari highlighting keynotes assumptions and comparing 2019 budget against 2018.


Deloitte summary-The 2019 Budget which flows from the 2019-2021 Medium-Term Expenditure Framework (MTEF) showed projected aggregate expenditure of ₦8.83 trillion, expected revenue of ₦6.97 trillion and a deficit of ₦1.86 trillion. The planned expenditure for 2019 is lower than the approved 2018 Appropriation Act figure of ₦9.12 trillion by 3% but higher than the estimate of ₦8.6 trillion contained in the President’s initial submission to the National Assembly. The expected revenue of ₦6.97 trillion for 2019 is also lower than the approved 2018 budget of ₦7.17 trillion by 3% but higher than ₦6.6 trillion contained in the Appropriation Bill initially submitted by the President.

Key assumptions

The budgeted daily crude oil production and exchange rate contained in 2019 Budget remained the same as in the approved prior year’s Budget at 2.3 million barrels per day and N305/$, respectively.

However, the benchmark oil price is put at $60 per barrel, up from the $51 per barrel approved for 2018. GDP growth is projected at 3.01% compared with 3.5% in prior year, while inflation rate is projected at 9.98%.

With the volatility in oil prices and the current downward trend being experienced, the benchmark oil price appears optimistic. It will also be a tough task to actualise planned daily oil production of 2.3 million barrels per day in an election year considering that actual daily oil production in 2018 as at the end of third quarter was 1.95 million barrels per day.

blog.deloitte.com.ng/federal-government-of-nigerias-2019-budget-of-continuity/