Going by the projections in the 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy, MTEF/FSP, submitted to the National Assembly by President Muhammadu Buhari, the country will spend N1.16 trillion more in 2018.
President Buhari had forwarded the MTEF/FSP to the National Assembly on Tuesday, with a covering letter read to members of the House of Representatives by Yakubu Dogara, Speaker.
The Federal Government would spend N8.60 trillion next year, as against N7.44 trillion in 2017, an increase of 15.5 per cent. The deficit stands at N592.75 billion over N2.36 trillion in 2017.
It is expected that the budget will be funded with N5.65 trillion, as against N5.08 trillion in 2017.
The estimates have N12.12 trillion for recurrent expenditure and N2.03 trillion for capital expenditure.
Gross Domestic Product, GDP is projected to grow by 3.5 per cent in 2018, with inflation at12.42 per cent.
Crude oil production projection of 2.3 million barrels per day is expected in 2018, with a benchmark price of $45 as well as average exchange rate of N305 to the dollar.
Oil production climaxed at 2.2mbpd in 2017, wirh a benchmark of $44 and exchange rate N305 to the dollar.
The National Assembly is expected to consider and approve the MTEF/FSP before the estimates of the budget will be presented to lawmakers.