Senate To Receive 2018 Budget Report On Tuesday

Senate To Receive 2018 Budget Report On Tuesday

Senate To Receive 2018 Budget Report On Tuesday

Chairman of the Senate committee on appropriation, Danjuma Goje, presented the budget to the upper legislative chamber at plenary on Tuesday, May 15, 2018.

The amount represents an increase of n508 billion from the sum of n8.612 trillion presented by president Muhammadu Buhari to the national assembly last November.

The Nigerian Senate has increased the 2018 budget estimate to N9.

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.

Of the N8.612 trillion earlier proposed for 2018 by the president, 30.8 per cent (or N2.652 trillion) of aggregate expenditure (inclusive of capital in Statutory Transfers), has been allocated to the capital budget.

The budget was delayed for 190 days from the day it was presented before passage, as attempts to pass the budget failed twice making it the most delayed budget in nineteen years.

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.

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

He also said the 2018 budget was based on a crude oil benchmark price of United States $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.

Goje, while presenting the report, confirmed the increment in the budget and attributed the budget increase to the $6 per barrel increase in the benchmark for oil price which was done by the National Assembly Appropriations Committee, he further stated that the money was applied to some "critical areas" including Ministry of Power, Works and Housing.

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

Other areas are; education, N15.7 billion, Judiciary, N10 billion and Niger Delta Development Commission (NDDC), N44.20billion.

Of the total, N530billion is for statutory transfers; N2 trillion for debt service; N2 trillion for sinking fund for maturing bonds and N2 trillion for recurrent (non-debt) expenditure.

"History is being made in the health sector of Nigeria".

"The sum of N2,203,835,365,699 (Two Trillion, Two Hundred and Three Billion, Eight Hundred and Thirty-Five Million, Three Hundred and Sixty-Five Thousand, Six Hundred and Ninety Nine Naira) only is for Debt Service of which the sum of N190,000,000,000 (One Hundred and Ninety Billion Naira) only is for Sinking Fund for maturing loans".

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