National Assembly May Pass Increased 2018 Budget Today

Nigeria Senate increases 2018 budget estimate

NASS lays N9.12trn for 2018

Earlier, the passage of the budget had been delayed because the Ministries, Departments, and Agencies had not submitted details of their budget proposals, which led to the Senate giving them a one-week ultimatum to submit details of their 2018 budget proposals or risk sanctions.

The lawmakers also increased the oil benchmark for the 2018 budget from $45 proposed by the executive to $51.

After about seven months President Muhammadu Buhari presented the 2018 Budget proposal to the National Assembly, indications emerged yesterday that the document will be passed today (Wednesday) or tomorrow.

Danjuma Goje, chairman of the Senate committee on appropriations, laid the report of the appropriation bill before the Senate on Tuesday.

The president had proposed N3.5 trillion as recurrent (non-debt) expenditure, while N2.4 trillion was earmarked for capital expenditure.

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

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Also recall that anxious over the non passage of the 2018 Appropriation Bill, President Muhammadu Buhari in March this year, met with the leadership of both the Senate and the House of Representatives, striking a deal on how both arms of government will work in synergy to see to the quick and possible passage of the 2018 budget, for the overall interest of the country.

According to the report, N42.72billion will be spent on security, N57. "Millions of Nigerians will enjoy free health services across the country", he said.

Laying and passage of the report had also been shifted several times.

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.

The budget will have a fiscal deficit of N1, 954, 464, 993, 775 and a deficit to GDP of -1.73 per cent.

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