LIVE UPDATE: President Buhari presents 2018 budget

President Muhammadu Buhari (R) presenting the 2018 Appropriation Bill before the Joint Session of the National Assembly in Abuja on Tuesday (7/11/17) With him is Senior Special Assistant to the President on National Assembly Matters, (Senate) Sen. Ita Enang (L) and Senior Special Assistant to the President on National Assembly Matters, (House of Represenatives) Rep. Suleiman Kawu 05939//7/11/2017/Callistus Ewelike/BJO/NAN
President Muhammadu Buhari (R) presenting the 2018 Appropriation Bill before the Joint Session of the National Assembly in Abuja on Tuesday (7/11/17) With him is Senior Special Assistant to the President on National Assembly Matters, (Senate) Sen. Ita Enang (L) and Senior Special Assistant to the President on National Assembly Matters, (House of Represenatives) Rep. Suleiman Kawu 05939//7/11/2017/Callistus Ewelike/BJO/NAN

President Muhammadu Buhari on Tuesday afternoon presented the 2018 budget to a joint session of the National Assembly.

The session is moderated by Senate President Bukola Saraki and Speaker of the House of Representatives, Yakubu Dogara.

Follow PREMIUM TIMES for live updates of the budget presentation.

It gives us great delight to see you (Buhari) in person, Saraki says in his opening remarks after the Christian and Muslim prayers

We must continue to work together to steady the ship of this (economic) recovery – Saraki

We must ensure that our borrowing is targeted at productive projects – Saraki

Implementation of the 2018 budget must anchor on the Made in Nigeria project – Saraki

The current rate of rural to urban migration is alarming and unsustainable – Saraki

It is pleasing to note that the budget is been presented early. This is a welcome development – Saraki

Immediate steps must be taken to make the 2018 budget an employment-oriented one – Saraki

Saraki concludes speech, invites President Buhari to present budget.

President Buhari thanks all Nigerians for support and prayers while he was on medical vacation.

The 2018 budget will consolidate on the achievements of previous budget – Buhari

2018 is expected to be a year of better outcomes – Buhari

Only tailored Nigerian solutions can fix Nigeria’s unique problems – Buhari

Crop production has been one of the main contributors to non-oil growth which rose to 0.45 per cent – Buhari

Bitumen exploration in Ondo is being executed – Buhari

We all want a country that is safe, stable, and secure, Buhari on threats in Niger Delta

A GDP growth of 9 percent is expected in the 2018 budget, says President Buhari

Higher crude oil price supported our economic recovery in 2017 – Muhammadu Buhari

Ogoni clean up is ongoing and being supported by international community – Buhari

Despite the downturn in oil prices …. this administration was able to invest an unprecedented over N1.2 trillion in capital budgets through the 2016 budget – Buhari

We have asked the SWF to look inwards and invest locally – Buhari

As at October 30, 2017, our external reserves increased to $34 billion – Buhari

President Buhari noted that the administration through its logical and user friendly reforms has been able to move the country on the ranking of countries in ease of doing business from 169 in 2016 and recently to 146.

In 2016, this administration started allocating at least 30 per cent of our budget to capital expenditure. This is being maintained – Buhari

We have pushed the Abuja rail project to 98 per cent completion in 18 months from 40 per cent – Buhari

Contractors were being owed trillions of Naira when this administration came into power. In some, we have made payments while in others we are assessing the liabilities – Buhari

Our power sector reform still remains a work in progress – Buhari

The FG will be launching the first African Sovereign Trade Bond in December 2017 – Buhari

Over 766km were constructed or rehabilitated across the country in 2017 – Buhari

We have spent time in identifying alternative means of funding capital projects in the 2017 budget. For example, the N100 billion Sukuk financing for construction of 25 roads across the country – Buhari

President Buhari noted that the country has grown tremendously its power generation sector but still has challenges in areas of distribution

In sourcing for alternative means of power, we have signed agreement with 14 solar companies – Buhari

We have purchased 10 locomotives and two coaches for the Abuja-Kaduna rail line…we plan to commission this in December 2017.

Food security is an important aspect of this administration’s security agenda – Buhari

Anybody involved with food smuggling is a threat to our national security and will therefore be dealt with – Buhari

The President said 6 crop processing zones will be established in 2018 to develop infrastructure for production and processing of crops

President Buhari bemoaned the practice of under remittance of revenue by state-owned entities

This year we have worked very hard to achieve an earlier submission of the MTEF and the 2018 appropriation bill – Buhari

N2.442 trillion oil revenue projected for 2018 – Buhari

There will be privatisation of some non-oil assets, the president explains.

Agencies are not to conduct recruitment without all necessary approvals. Any violations will be sanctioned – Buhari

President Muhammadu Buhari on Tuesday formally presented an N8.6 trillion 2018 budget to a joint session of the National Assembly.

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

Mr. Buhari announced that the budget is projected at an oil price of $45 per barrel and an estimate of 2.3 million barrels per day.

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.

At present, domestic debts account for about 79% of the total debt. We will reduce this to 60% in 2018 and increase external to 40%.

Our commitment to the security of lives and property remain absolute – Buhari

The President said 9.8 billion Naira will be set aside for the Mambilla power project and N300 billion for construction and rehabilitation roads.

Budget provision to the Niger Delta Development Commission has increased from N53.89 billion from N34.2 billion in 2017.

We will increase our focus on cybercrime and abuse of social media through hate speech – Buhari

I appeal to you to swiftly consider and pass the 2018 Appropriation Bill – Buhari

I thank you most sincerely for your attention, may God bless the Federal Republic of Nigeria, President Buhari says as he ends his speech.

Speaker Dogara gives the Vote of Thanks.

Dogara called for unity between the Executive and the Legislature.

Although recession has technically ended, most Nigerian families are still struggling – Dogara

Dogara noted that preparation of the 2018 budget kicked off on a note of poor relationship between the Ministries, Departments and Agencies, and the National Assembly. He said he hopes this won’t affect the passage and implementation of the budget.


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  • Adekunle

    Premium Lies, shebi you were not allowed into the chambers. How come are you reporting live updates?

  • emmanuel

    “Despite the downturn in oil prices …. this administration was able to invest an unprecedented over N1.2 trillion in capital budgets through the 2016 budget” – Buhari
    May God punish this lie with thunder and lightening to the one who said it.
    Was the money paid to ghosts or stolen in their winner-steal-all sleaze? I can bet that Contractors did not get upto N500 billion last year.
    If my position is not true, they should publish the details. Afterall, Okonjo Iweala use to do so in het time.

  • FreeNigeria

    “this administration was able to invest an unprecedented over N1.2 trillion in capital budgets through the 2016 budget” can Buhari please list how and where this money was spent.

    • kinsly

      For sure they didn’t share the money with you.

  • Dr Pat Kolawole Awosan

    Despite the early presentation of the 2018-national budget by the president Muhammadu Buhari, the do-nothing and corrupt-ridden elements in the national assembly led by the roguish Dr Bukola Saraki and speaker Dogara, will not open-up the debate and passage of the incoming 2018 annual appropriation on time as 2017 was presented early like this last year, but the inept and incapable and enemies of progress and better-life, for the people of Nigeria, would divert their attention toward other means and tactic to steal and loot Nigeria scarce national funds and asset in order to export such funds to a foreign free-tax haven to enrich themselves.
    @emmauel:Can you point out what former finance minister/coordinator of economy achieved for the people of Nigeria, throughout her tenure as finance minister and coordinator of economy except looting,stealing and embezzlement, of our national commonwealth.Dr OKonjo Iweala, cooked-up statistics that Nigeria, was the largest economy in Africa, and security budget was openly looted and fuel-subsidy scam and import-duty scam were prevalent as well as NNPC turned to a daily ATM for Diezani Alison Madueke, who is currently under house arrest and facing bribery and money-laundering crimes in London,UK. court.These are the legacies of GEJ and Dr Ngozi Okonjo Iweala, to remind you.

    • Ayinke Olasade

      Sycophancy brought down GEJ… That same sycophancy will bring down PMB, if his true supporters fail to tell themselves the truth, as was the case in the time of GEJ. And for that, I fear for PMB and the legacies he hopes to leave behind.

      Budget for 2018 is being presented less than 7 weeks to the end of 2017, and you call that early? Let us use USA, whose democracy model we are copying. The 2017 budget which runs from 1st October 2016 to 30th September 2017, was submitted by President Obama on February 9th, 2016, 7 months in advance. 2018 budget, to run from 1st October 2017 to 30th September 2018, was presented by President Trump on 16th of March, 2018. In case you do not know, our budget is meant to run from 1st January to 31st December. And it is being presented on the 7th of November, yet you call that early? I wonder what late will be…

      If the Obama administration kept blaming the G.W. Bush Administration for failing the American economy during his tenure, would he have made the progress he did? The present Govt has been in power for 2years and 5months and yet we are still blaming GEJ when we should hold those in power responsible. Are we also going to blame GEJ for Mainagate (PMB was aware, according to the Head of Service)? Burataigate (Houses in Dubai)? Kyarigate (alleged MTN bribery of 500 mn naira)? Are these also GEJ’s fault? Or did GEJ cause Babachir issue too?

      You do realise that no allegation has been brought against Okonjo-Iweala; You probably need to do a research on under whose watch, BVN, TSA, IPPIS were started. Here is a clue, it did not start under PMB’s administration.

    • emmanuel

      If you are married and have children, i am sure your family can attest to the fact that there is a gulf of difference between the two?
      Nigeria was the largest economy in Africa as at then. All she did was include uncaptured industries and sector in our national economic statistics and that was it.
      Only unschooled people like you with a Phd would not understand that.
      What distinguish great men from others is their ability to get well informed on issues they have interest in. Unfortunately, you do not fall into that category because you only float around and rely on gossips and propaganda churned out by very unintelligent propagandist government.

  • Toughie Man

    PT we are tired of reading about Buhari and his telltales. Nothing on ground to show for all the glib talks about Buhari. Tell us how the people are faring in Nigeria and feedback to the government. PT please do more on the state of the nation and let the led know the truth, not this bunkum you keep projecting incessantly.

  • emmanuel

    VICE President, Prof. Yemi Osinbajo, yesterday, said delay in the budget approval process was one of the main causes that deepened recession in the country – Vanguard
    I kept insisting that Nigeria in now deep in depression and not just recession. The same Osibande who first told the World that Nigeria was already out of depression has now disgraced himself, the World Bank and IMF that celebrated them for brining Nigeria out of recession.
    The chicken has come to roost, as Osibanjo is know to lie about everything, but this caught him off guard.

  • Manmbombano123

    PT, how did you guys get this updates when you claimed earlier that you were not allowed to cover the presentation

  • Precious Faith


  • Hinds Peter

    Applying for a visa goes both ways.You also have to apply for a visa when going to Britain and Canada.You do not walk in to Britain and Canada.Peter Carlos Hinds.Commander.Barbados.

  • Hinds Peter

    It is with disgust that i read in the media that a man was locked up for having a weighing scale or balance.Well weights and measures is on the syllabus of many of the know examining bodies.Especially with the subject of mathematics.This judge if he was a student at any of our government schools.Would be flogged for entertaining such a illiterate thought.I hope that i do not see the same judge weighting in at the airport to catch a plane.Or posting mail(which has to be weighted).Is it justified to condemn whites for calling black people savages?Peter Carlos Hinds.Commander.Barbados.

  • Hinds Peter

    It is time to end black imperialism.Peter Carlos Hinds.Commander.Barbados.

  • Hinds Peter

    Making scales and balances illegal in black republics.Would make all black people failures.Would oxford or Cambridge admit a black student with out the basics in mathematics.No you would have to know your tables.You would have to know how how to multiply add and subtract and divide.Before you could grace the halls of such hallowed institutions.Peter Carlos Hinds.Commander.Barbados.

  • Hinds Peter

    Being black does not automatically give you qualifications.Peter Carlos Hinds.Commander.Barbados.

  • Hinds Peter

    I was baptized as a child.You all pagan Negros can not give me any name you care to give me.God gave me a name.Who are you to question god.Peter Carlos Hinds.Commander.Barbados.

  • Hinds Peter

    What money could black people spend?With out a balance.You would not have balance of payments.Peter Carlos Hinds.Commander.Barbados.

  • Hinds Peter

    With out a balance the accounts would not balance.What these people want is jail.Peter Carlos Hinds.Commander.Barbados.

  • Hinds Peter

    These black savages balance books?Put them on the edge!Peter Carlos Hinds.Commander.Barbados.

  • emmanuel

    Nigeria is on its final death knell. They are projecting N2.442 Trillion from Oil. With Tax and Maritime collection which may not exceed N4 trillion, Nigeria may have to borrow another N3 trillion again in 2018 to fund APC election.
    By the time the APC is through with Nigeria, wives would be hawking their husbands and husbands; wives in the market to raise cash for food.
    We are in stark darkness, yet he told NASS that they have done wonders with power. Meanwhile, Fashola told consumers of electricity that they could now buy energy directly from GENCOs. The implication is that there is no policy governing the power sector, neither do they have a picture of how to run that sector. How does he expect them to service direct buyers? Is this not insanity?
    What a waste of time and space on APC?

  • Ekpenyong Amanam

    What African Sovereign Trade Bond. Give us breakdown how it benefits citizens pls