Picture from 2016 budget President Muhammadu Buhari presented the breakdown of the 2018 Appropriation Bill, while addressing a joint session of the National Assembly on Tuesday 7th November 2017 by 2pm Nigeria time. President Buhari told the joint section that the proposal is based on an oil benchmark of $45 per barrel, an oil production rate of 2.3 million barrels per day, an exchange rate of 3.5 percent, inflation rate of 12.4 percent and a real GDP growth of 3.5 percent. The President stressed that out of the N8.612tn, N3.494tn has been proposed for recurrent expenditure, and N2.428tn for capital expenditure – excluding the capital component of statutory transfers.