The Federal Government is targetting N11.983 trillion from oil and non-oil sources in 2018 fiscal year, according to the 2018-2020 Medium Term Expenditure Framework, MTEF and Fiscal Strategy Paper submitted to the National Assembly.
President Muhammadu Buhari said the documents were prepared against a backdrop of a generally adverse global economic situation.
The oil sector is expected to garner N6,128,290,144,686, while non-oil sub-sector income is projected as N5,596,745,945,657.
A sum of N350 billion is set aside for special interventions (recurrent), while N2,597,246,628,719 is for capital capital expenditure for 2018
Deficit is put at N2,948,777,905,500 (2.61%) against GDP of N113,088,878,152,768
On the assumptions, total oil production is placed at 2.51 million barrels per day and budget oil production volume net incremental was put at 2.3mbpd; $45 oil benchmark. Exchange rate for 2018 fiscal year was pegged at N305/$
Expenditure for the incoming year shows that National Judicial Council will get N100 billion; Universal Basic Education (UBE) is to get N104,063,630,055; INEC is to get N45.5 billion; National Assembly is to get N125 billion; Public Complaint Commission is to get N4.2 billion; Human Rights Commission is to get N1.5 billion in 2018.
While total sum of N2,028,011,577,001 is proposed for debt servicing. Of this sum, N1,764,125,038,534 is for domestic debt; N263,886,538,467 is for foreign debt while N220 billion is for sinking fund to retire maturing bond for local contractors.
Of N3,169,117,545,129 meant for recurrent expenditure, N65 billion is for amnesty programme; N2,122,268,415,101 is for personnel cost of federal Ministries, Departments and Agencies (MDAs); overhead worth N245,200,853,273.
On the revenue for 2017 fiscal year, as at June 2017, N2,429.65 billion of the total revenue of N2,542 billion projected for first half year was realised, of this, N960.87 billion came from oil revenue against the projected N1,061.99 billion, showing a shortfall of 9%.
As for total non-oil revenues which include: Corporate Income Tax, Value Added Tax, Customs Revenues, Federation Account Levies and Special Account balances, there was a shortfall of target by 49%. Customs revenue was the best performing non-oil revenue category with N132.97 billion collected.