Sunday, 22 July, 2018

NASS Lays N9.12trn for 2018

Finally senate receives 2018 budget report Nigeria Senate increases 2018 budget estimate
Pete Mitchell | 17 May, 2018, 01:58

On the 23rd of March, the upper legislative chamber instructed its standing committees to turn-in their reports on the appropriation bill.

The Nigeria Senate has passed the 2018 budget presented before the National Assembly back in November 2017.

An increase in oil exports revenues (as oil price rose in recent months) would help achieve the new spending targets.For the record, President Buhari has earlier indicated that the government plans to invest part of the budget in infrastructure in order to boost the economy which is still struggling to recover from years of recession.

However, Senate President Bukola Saraki attributed the delay in approving the document to failure of heads of ministries, departments and agencies to defend the budget before their respective committees.

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

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.

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They also increased oil benchmark 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.

The president had proposed N3.5 trillion as recurrent (non-debt) expenditure, while N2.4 trillion was earmarked for capital expenditure.

These include n50.88 billion for reduction of deficit; n46.72 billion for security and n57.15 billion for the health sector.

Trend analysis reveals that the National Assembly often increases the budget estimates given by the executive.

The budget will have a fiscal deficit of N1, 954, 464, 993, 775 and a deficit to GDP of -1.73 per cent.

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