ibusinesslines.com August 18, 2018

Why NASS Added N500bn To 2018 Budget - Senator

17 May 2018, 01:56 | Jodi Jackson

NASS Increases 2018 Budget To N9.1tr Economy By Ifeanyi Omokwe On


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.

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

The national assembly has passed the 2018 budget after a six-month delay.

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

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.

Last week, spokesman of the upper parliament, Mr Aliyu Sabi Abdullahi, said the Senate would lay the report last Tuesday and pass on Wednesday and if it was not laid on Tuesday, it would be done on Wednesday to be passed today.

The budget was raised by N500 million to a total sum of N9.1 trillion, with the oil benchmark increased from $45 to $51 per barrel.

The presentation of the report was seconded by the Chairman, Senate Committee on Public Accounts, Senator Matthew Urhoghide, PDP, Edo South.

Another n106.50 billion is to be applied as intervention in the power, works and housing sector while education particularly for infrastructure for 12 newly established universities and meal subsidy in unity schools.

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

Giving his remarks at the senate session on the budget passage, Senator Sani Yerima said "We have taken a lot of time on this and I believe that this is a budget of progress".

According to the document as stated in the order paper, N530,421,368,624 was proposed for statutory transfer; N2,869,600,351,825 for development fund for capital expenditure; N 3, 5 1 6, 4 7 7, 9 0 2, 0 7 7 for recurrent (nondebt) expenditure, while N2,203,835,365,699 is for debt service; and N199b for sinking fund for maturing loans.

The budget will have a Fiscal Deficit of N1,954,464,993,775 and a Deficit-to-GDP is put at -1.73 per cent.

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