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NASS increases 2018 budget from N8.6tr to N9.1tr

By News Express on 16/05/2018

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•President Buhari presenting the 2018 Budget of Consolidation
•President Buhari presenting the 2018 Budget of Consolidation

The National Assembly has increased the amount of the 2018 budget to N9.120 trillion from N8.612 trillion.

The National Assembly has jacked up the 2018 budget to N9.1 trillion from N8.6 trillion. The details of the budget were listed on the order paper available at the Senate.

The Chairman of the Senate committee on Appropriation Senator Danjuma Goje, laid the report before the Senate in plenary, 180 days after it was presented by President Muhammadu Buhari. The Senate and House of Representatives had promised to pass the budget in the last week of April this year but failed to do so.

The presentation of the report was seconded by the Chairman, Senate Committee on Public Accounts, Senator Matthew Urhoghide, PDP, Edo South. There are Strong indications that the budget will be passed this week, just as moves to do that is largely believed by concerned Nigerians to have arisen because of May 31st, 2018 set as deadline for lifespan of the N7.444trillion 2017 budget.

The six months the 2018 budget estimates has spent in the National Assembly has been the longest period for consideration of an appropriation bill so far since the year 2000 when a full-fledged annual budget was first presented to it.

As Nigerians await the passage and signing of the 2018 budget, The Minister of State, Budget & National Planning Mrs Zainab Ahmed recently gave a brief insight on the issues around the budget. According to her, the 2017 budget implementation is still ongoing on the capital side, but recurrent expenditure and service personnel have been implemented almost 100%. The capital budget releases as at today is at an average of 50% because implementation will be measured after the budget year closes out. She was optimistic that Nigerians will eventually see the impact of the 2018 budget when it is signed into law.

The Minister confirmed that the 2018 budget preparation is at its final stages in the National Assembly, and should be passed by the end of April for transmission to the President. President Muhammadu Buhari presented the 2018 Budget to the National Assembly in November, 2017 with the size of N8.6trillion, retaining 30% for capital expenditure and 70% for recurrent expenditure. The 2018 Budget is tagged “Budget of Consolidation” seeking to leverage on the 2016 and 2017 budgets. In other to hasten the budgetary process the President ordered the Ministries, Departments and Agencies (MDAs) to defend their 2018 budget proposals before the National Assembly. 

 

Source News Express

Posted 16/05/2018 04:11:37 AM

 

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