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Nigerian Senate Passes N9.12trn 2018 Budget

Nigerian Senate Passes N9.12trn 2018 Budget

The #Budget2018 Report was laid on the floor of plenary today by Chairman of the Senate Committee on Appropriations, Mr Danjuma Goje.

President Muhammadu Buhari had presented the 2018 appropriation bill to a joint seating of the National Assembly in November 2017.

Both Houses on Wednesday approved a budget that rose from N8.6 trillion to N9.1 trillion, six months after it was presented by the executive.

The House of Representatives also passed the 2018 budget with a recurrent expenditure of 3,512,677,902,077 and capital expenditure of 2,873,400,351,825.

Of the N8.612 trillion earlier proposed for 2018 by the president, 30.8 per cent (or N2.652 trillion) of aggregate expenditure (inclusive of capital in Statutory Transfers), has been allocated to the capital budget.

In the final breakdown, the senate passed a 2018 budget of N9, 120, 334, 988, 225 of which N530, 421, 368, 624 is for statutory transfers as against N456, 458, 654, 074 proposed by the executive.




This post was syndicated from BusinessDay: News you can trust.

The Senate attributed the delay to failure of Ministries, Departments, and Agencies (MDAs) to submit details of the budget proposals and refusal to avail themselves before the standing committees to defend their budgets.

They also increased oil benchmark from $45 to $51 per barrel.

He added the the increment would allow for a N50.88 billion deficit reduction.

Another n106.50 billion is to be applied as intervention in the power, works and housing sector while education particularly for infrastructure for 12 newly established universities and meal subsidy in unity schools. "Millions of Nigerians will enjoy free health services across the country", he said.

Trend analysis reveals that the National Assembly often increases the budget estimates given by the executive.


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