January 22, 2019

Senate passes N9.1trn 2018 Budget

17 May 2018, 01:56 | Cameron Gross

Nigerian Senate

Nigerian Senate

This is against the N8.6 trillion presented by President Muhammadu Buhari in November 2017.

THE House of Representatives on Tuesday, announced an increase on President Muhammadu Buhari's 2018 Appropriation Bill from N8.6 trillion to N9.1 trillion.

The Senate and the House of Representatives have passed the 2018 budget, raising it by N500 billion.

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

Lawan had said: "I want this Senate to give an ultimatum of one week to all the agencies to submit the details of their budget to our committees to consider for appropriation".

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 said the surplus fund was spread on some "critical sectors" in consultation with the executive.

However, the breakdown of the proposed N8.612 trillion of 2018 Aggregate Expenditure as presented by President Buhari past year, comprises a Recurrent Cost of N3.494 trillion; Debt Service of N2.014 trillion; Statutory Transfers of about N456 billion; Sinking Fund of N220 billion (to retire maturing bond to Local Contractors) and Capital Expenditure of N2.428 trillion (excluding the capital component of Statutory Transfers).

According to the report, N42.72billion will be spent on security, N57.

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

In his remark, Senator Lane Tejuoso, expressed delight over the consideration of the Senate to implement the National Health Act.

The Nigerian Senate on Tuesday finally laid the 2018 appropriation bill after postponing it in the past two different times.

But going by the increase, the budget now has N530 billion for statutory transfers, N2.2 trillion for debt service and N3.5 trillion recurrent expenditure, N2.8 trillion and N1.9 trillion for fiscal deficit.

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