Friday, 25 May, 2018

Senate passes N9.12t as 2018 Budget

Nigeria Senate increases 2018 budget estimate NASS lays N9.12trn for 2018
Beatrice Douglas | 17 May, 2018, 01:57

The 2018 budget was presented on Tuesday at the Senate during plenary which is expected to be deliberated on by the Senators on Wednesday, May 16, 2018, hoping to be passed on Thursday, May 17, 2018.

An increase in oil exports revenues (as oil price rose in recent months) would help achieve the new spending targets.For the record, President Buhari has earlier indicated that the government plans to invest part of the budget in infrastructure in order to boost the economy which is still struggling to recover from years of recession.

Also, Senate President Bukola Saraki had on April 12, mandated the Committee on Appropriations to tidy up reports on the budget before April 13.

The president who announced the 2018 budget as "Budget of Consolidation", said the projected expenditure would drive rapid economic recovery.

There were equally assurances that the budget would be passed in the first week of May but it was not passed.

Also, the budget has just been laid before the House of Representatives by the Appropriations Committee.

The Senate's decision to increase the budget by over N500 billion was as a result of the increase in oil benchmark from $45 per barrel to $51 per barrel.


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 briefed his colleagues on the components of the budget, saying it contains N3.5 trillion for recurrent (non-debt) expenditure, N2.9 trillion for development fund for capital expenditure, N2.2 trillion for debt servicing, N530.4 billion for statutory transfer and N190 billion for a sinking fund for maturing loans.

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

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

The National Assembly has passed the 2018 Appropriation Bill.

The Senate Minority Leader, Senator Godswill Akpabio, called for the implementation of the budget as that is the only way Nigerians could feel the impact of the passage.

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