Senate Passes 2018 Budget Of N9.12 Trillion

Senate Passes 2018 Budget Of N9.12 Trillion

By Gbadeyanka

The Nigerian Senate on Wednesday eventually passed the 2018 Appropriation Bill and would be forwarded to President Muhammadu Buhari for his assent.

The 2018 budget is estimated to be N9.12 trillion.

On Tuesday, report of the 2018 Appropriation Bill was laid before the Senate by Chairman of the Senate Committee on Appropriations, Mr Danjuma Goje.

Today, he briefed his colleagues on the components of the budget, saying it contains N3.5 trillion for recurrent (non-debt) expenditure, N2.9 trillion for development fund for capital expenditure, N2.2 trillion for debt servicing, N530.4 billion for statutory transfer and N190 billion for sinking fund for maturing loans.

While debating on the budget before it was passed, the lawmakers said it was unfortunate that Nigerians believed that the passage was delayed by the Senate when it was the executive that actually did.

They said Ministries, Departments and Agencies (MDAs) of Federal Government failed to defend their budget estimates until they were directed to do so in March this year.

President Muhammadu Buhari had presented the budget of N8.612 trillion to the parliament for passage in November 2017.

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

Details later.

Source:- Businesspost


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