National Assembly May Pass Increased 2018 Budget Today

National Assembly May Pass Increased 2018 Budget Today

Details in the report indicates that the National Assembly increased the 2018 budget from N8.6 trillion to N9.120 trillion.

The Senate of the Federal Republic of Nigeria today passed the 2018 Budget, which it received from President Muhammadu Buhari in November, 2017.

He also said the 2018 budget was based on a crude oil benchmark price of USA $45 per barrel, with an output of oil production estimate of 2.3 million barrels per day, including condensates, as against that of 2017 which was of $42.50 per barrel, and output was put at 2.2 million barrels per day.

Whereas, President Buhari proposed the sum of two trillion four hundred and twenty eight billion naira (N2.428tr) as the capital budget, while the sum of three trillion four hundred and ninety four billion naira (N3.494tr) was proposed for recurrent expenditure.

The Chairman of the Senate Committee on Media and Public Affairs, Senator Aliyu Sabi-Abdullahi, had on different occasions said the budget would be passed after the report was presented.

He says the additional 508 billion added to the budget was applied in critical sectors of the economy namely: reduction of the deficit, security, health and power, works and housing.

Highlights of 2018 budget as passed by the National Assembly are: a total sum of N9,120,334,988,225 of which N530,421,368,624 was approved for Statutory Transfers as against N456,458,654,074 proposed by the Executive.

In 2017, the senate increased the budget by 1.9 percent to N7.4 trillion from the N7.2 trillion submitted by the executive.

N2,203,835,365,699 for Debt Servicing, N190 billion for Sinking Fund for maturing loans; N3,512,677,902,077 for Recurrent (non debt) Expenditure while N2,873,400,351,825 as contributiom to the development fund for Capital Expenditure as against N2,427,665,113,222 earlier proposed.

The senator in a tweet said,"It's true that the 2018 budget was jerked up from its original 8.6 trillion to 9.1 trillion.That happened in close consultations and agreement between the National Assembly led by the Approriation committee and the Executive.The commitee confirmed this,".

Last week, spokesman of the upper parliament, Mr Aliyu Sabi Abdullahi, said the Senate would lay the report last Tuesday and pass on Wednesday and if it was not laid on Tuesday, it would be done on Wednesday to be passed today.

" I think it is very clear that the mandate we give to them is one week".

But after the compliance of the MDAs in February, appropriation committees of both chambers can be said to have spent the entire Months of March and April to tidy up the whole process.

However, Senate President Bukola Saraki attributed the delay in approving the document to failure of heads of ministries, departments and agencies to defend the budget before their respective committees.