Published: Thu, May 17, 2018
Tech | By Amelia Peters

Nigeria Senate passes N9.12trn 2018 budget, awaits Buhari's assent

Nigeria Senate passes N9.12trn 2018 budget, awaits Buhari's assent

President Muhammadu Buhari on November 17, 2017, presented a budget of 8.612 trillion Naira before a joint session of the National Assembly.

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.

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

In the final breakdown, the senate passed a 2018 budget of N9, 120, 334, 988, 225 of which N530, 421, 368, 624 is for statutory transfers as against N456, 458, 654, 074 proposed by the executive.

The new budget size was contained in the report of the joint Senate and House of Representatives Committee on Appropriation laid before lawmakers in Abuja on Tuesday.

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.

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

According to the report, N42.72 billion will be spent on security, N106.50 billion for the Ministry of Power, Works and Housing, N15.7 billion is earmarked for Education, N10 billion for Judiciary while N44.20 billion for Niger Delta Development Commission (NDDC).

The National Assembly had set an April 24 target for passage of the budget but failed.

The Nigerian Senate on Tuesday finally laid the 2018 appropriation bill after postponing it in the past two different times.

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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