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2018 Budget: Akeredolu Presents N171.268bn Appropriation Bill | The Precision

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Ondo State Governor, Arakunrin Oluwarotimi Akeredolu, SAN has laid before the State House of Assembly the 2018 Appropriation Bill – christened “Budget of Progress” . 

The Governor who arrived at the Assembly Complex at exactly 11:00 am as scheduled urged Honourable Members of the State House of Assembly to give the document expeditious treatment.

The breakdown of the budget is as follows :
Crude Oil Benchmark Price per barrel – $45
Average production (Million barrel/day) – 2.300
Inflation Rate (%) – 12.42%
Exchange Rate (N to US$) – 305
Considering these key parameters and assumptions, it is envisaged that revenue will increase just marginally in 2018 compared to 2017 actual figures.  In view of the foregoing, a total budget of N171.268 billion has been proposed for 2018 fiscal year.
2018 Revenue Projection
The breakdown of the revenue is as follows:
N ’B’              
Statutory Allocation – 25.352     15
Independent Revenue – 18.359     11
VAT – 12.000 7
Roll Over Fund – 6.500         4
Mineral Derivation – 15.537       9
Exchange Gain – 6.126        4
Budget Support Fund –       10.925      6
Refund from FGN on Roads –       10.000      6
Excess Paris Club Refund –       13.156      8
Excess Petroleum Profit Tax –   3.683      2
Credit from Dev Partners – 11.748 7
Grants –   6.687 4
Loans/Leases –  31.195     18
TOTAL              = 171.268      100

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