Electronics

Senate, House pass 2018 budget, raise spending to N9.1 trillion

Senate, House pass 2018 budget, raise spending to N9.1 trillion

Shehu Sani, Senator representing Kaduna Central at the National Assembly, has revealed why the National Assembly made a decision to add N500 billion to the 2018 Appropriation Bill.

The Chairman of the committee, Senator Danjuma Goje, laid the report before the Senate at the plenary on Tuesday.

The crude oil benchmark price of the budget was also increased from $45 to $50.5.

The budget is expected to be passed by Wednesday or Thursday this week.

But the National Assembly raised the estimate to N9.12 trillion.

Strong indications, however, emerged that the budget will be passed by the Senate this week, just as moves to do that was largely believed by concerned Nigerians to have arisen as a result of May 31, 2018, set as deadline for the life span of 2017 budget of N7.444trillion.

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A debt servicing cost of 2,203,835,365,699 and statutory transfers of 530,421,368,624.

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.

Recall that President Buhari had submitted the proposal to a joint session of the National Assembly on November 7, 2017, with a call on the legislature to quickly pass the proposal and return to January to December budget cycle.

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.

Subsequently, the President of the Senate, Dr Bukola Saraki, on April 12, mandated the Appropriation Committee to tidy up reports on the budget latest by April 13.

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


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