There are indications that the 2018 Budget recently presented by President Muhammadu Buhari will see the President and his Vice, Yemi Osinbajo, spend nothing less than N1.3 billion on numerous trips, both foreign and local. 2018 budget.
The Punch learnt that the figure is part of the 2018 Appropriation Bill presented to the joint section of the National Assembly by President Buhari last week.
According to the details obtained by the newspaper, the two Nigerian leaders will spend N968.4 m on their foreign trips during the year, while their local trips will take N334m.
President Buhari’s budget on foreign trip alone is N751m and N250m on local trips. On his part, the Vice President will spend N217m and N84m on his foreign and local trips respectively.
These figures do not include N182m allocated for both local and foreign trips in the budget of the State House Headquarters.
In the last budget of 2017, President Buhari spent N739m on foreign trips, while Osinbajo used N218m for the same purpose.
Also in 2017, N238m was spent by Buhari on local trips while his deputy’s local trips cost N88 million, spending N1. 28 billion on foreign and local trips in total last year.
Buhari proposed a total expenditure of N8.6 trillion for the 2018 budget, representing an increase of 16 percent from the 2017 budget estimate. The aggregate expenditure comprises recurrent costs of N3.494 trillion; debt service of N2.014 trillion; statutory transfers of N456 billion; sinking fund of N220 billion; and capital expenditure of N.428 trillion.
If passed, the budget is expected to result in a deficit of N2.005 trillion, amounting to 1.77 percent of the country’s gross domestic product (GDP). To finance the deficit, the Nigerian government would borrow an estimated N1.699 trillion.