President Muhammadu Buhari has addressed a joint session of the National Assembly concerning the 2018 Appropriation Bill and presented the 2018 budget proposal to the National Assembly.

During his address, President Buhari said, “the 2018 budget will consolidate on the achievements of the previous budget and that 2018 is expected to be a year of better outcomes.

“Only tailored Nigerian solutions can fix Nigeria’s unique problems. From the (economic) recovery we are seeing today, it is clear that we made the right decisions.”

The president said crop production has been one of the major contributors to non-oil growth in the country.

“Crop production has been one of the main contributors to non-oil growth which rose to 0.45 percent. Bitumen exploration in Ondo is being executed.”

The president said the higher crude oil prices supported the economic recovery experienced in 2017.

“A GDP growth of 9% is expected in the 2018 budget. Higher crude oil price supported our economic recovery in 2017. 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. As at October 30, 2017, our external reserves increased to $34 billion.

“By the second quarter of 2017, exports significantly outpaced imports. We have invested a lot of efforts in identifying alternative means of funding new projects.”

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

“Our power sector reform still remains a work in progress. Insourcing for alternative means of power, we have signed an agreement with 14 solar companies.

The president also said whistle-blowers are still welcomed.

“I will also like to remind Nigerians that the whistle-blower lines are still open.”

He finally said three tiers of government should receive about 12% more revenue in 2018 than the 2017 estimate and then proposed total expenditure of N8.612trillion for the year 2018.”