Overview

The 2018 Appropriation Act of the Federal Republic of Nigeria authorizes the issue of N9,120,334,988,225 from the Consolidated Revenue Fund for the fiscal year ending December 31, 2018. The budget allocates N530,421,368,624 for Statutory Transfers, N2,203,835,365,699 for Debt Service, N3,512,677,902,077 for Recurrent (Non-Debt) Expenditure, and N2,873,400,351,825 for Capital Expenditure. The Act includes provisions for fund releases, virement (subject to National Assembly approval), management of excess revenue from oil sales above the benchmark price, and requirements for due process certification and reporting of internally generated revenue and extra-budgetary assistance.

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