President Muhammadu Buhari’s N8.83 trillion 2019 budget proposal has been welcomed as successful by Chairman of the ruling All Progressives Congress (APC), Comrade Adams Oshiomhole.

The Minister of Foreign Affairs, Mr. Geoffery Onyeama was also excited by the outing which he sees as positive to Buhari’s quest for second tenure. At a joint session of the National Assembly, Buhari said N3.12trillion of the amount had been set aside for completion of ongoing and new projects.

According to him, in order to get full value for monies expended by the government over time and to avoid duplication and waste, his administration’s emphasis will continue to be on completion of existing projects.

“We have allocated N2.28 trillion for capital spending, inclusive of capital in statutory transfers.

“With the inclusion of N275.88 billion representing capital for the larger GOEs and N556.02 billion for Multi-lateral/Bi-lateral project-tied loans, the aggregate capital budget is N3.12 trillion. This represents 30 percent of the total FGN proposed expenditure for 2019.

The President said the 2019 budget was based on oil price benchmark of 60 dollars per barrel, oil production estimate of 2.3 million barrels per day including condensates, exchange rate of N305 to the US dollars, real GDP growth of 3.01 per cent, and inflation rate of 9.98 per cent.

“The proposed N8.83 trillion of 2019 Aggregate Expenditure comprises: Recurrent Costs of N4.04 trillion; Debt Service of N2.14 trillion; Statutory Transfers of about N492.36 billion; Sinking Fund of N120 billion which will be used to retire maturing bond to local contractors; and Capital Expenditure of N2.031 trillion including capital supplementation but excluding the capital component of Statutory Transfers.’’

He said the underlying drivers of the 2019 revenue projections had been adjusted.

He added that allocations to Ministries, Departments and Agencies (MDAs) of government were guided by the three objectives of the ERGP namely restoring and sustaining growth, investing in people, and building a globally competitive economy.

Comrade Adams Oshiomhole, described President Buhari’s presentation of the 2019 Budget as “a successful outing.”

Oshiomhole,  shortly after Buhari presented the budget at the National Assembly in Abuja: “I think it was done very well and analytically well presented. It covers all the issues.

Reacting to the rowdiness amidst the budget presentation, Oshiomhole said: “I think the lawmakers generally agreed that the budget was good.

“All the requirements of the law have been met, namely to lay the budget.”

Minister of Foreign Affairs, Mr Geoffrey Onyeama, simply described the budget presentation as “excellent.”