Finally, Senate receives 2018 budget after six months delay
17 May, 2018, 02:01 | Author: Sergio Cook
The budget presented by the President was raised by additional N500 billion, from N8.6 trillion to N9.1 trillion.
The Senate attributed the delay to failure of Ministries, Departments, and Agencies (MDAs) to submit details of the budget proposals and refusal to avail themselves before the standing committees to defend their budgets.
The crude oil benchmark price of the budget was also increased from $45 to $50.5.
The Nigeria Senate has passed the 2018 budget presented before the National Assembly back in November 2017.
Chairman of the Senate committee on appropriation, Danjuma Goje, presented the budget to the upper legislative chamber at plenary on Tuesday, May 15, 2018.
Of the total, N530billion is for statutory transfers; N2 trillion for debt service; N2 trillion for sinking fund for maturing bonds and N2 trillion for recurrent (non-debt) expenditure.
It will be recalled that at a meeting between the President and leaders of the National Assembly Senate President Dr. Bukola Saraki and House Speaker Rt.Hon Yakubu Dogara, there was assurance that the budget will be passed this week.
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President Buhari said, "the 2018 budget will consolidate on the achievements of the previous budget and that 2018 is expected to be a year of better outcomes".
The passage of the budget comes more than six months after it was submitted to the national assembly.
"History is being made in the health sector of Nigeria".
Mustapha Dawaki (APC, Kano), also laid the report.
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 National Assembly had set an April 24 target for passage of the budget but failed.
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