Published On: Wed, May 16th, 2018

NASS raises 2018 spending by N500bn

Share This
Tags

President Muhammadu Buhari laying the 2018 Budget Proposal before a joint session of the National Assembly Members, yesterday in Abuja. With him is the Clerk to the National Assembly, Mohammed Sani Omolori (right).
Photo: Mahmud Isa

•Jerks up budget from N8.612trn to N9.12trn

By Ikechukwu Okaforadi, Musa Adamu, Christiana Ekpa and Umar Muhammad Puma

The two chambers of the National Assembly yesterday received the report of 2018 appropriations bill, in which the lawmakers added over N500 billion extra to the N8.612trillion naira submitted to a joint session of the National Assembly by President Muhammadu Buhari on November 17, 2017.
This has, therefore, jerked up the 2018 budget figure from N8.612 trillion to N9,120,334,988,225 trillion naira, despite the initial outcry by the lawmakers that the 2018 budget was bogus and unrealizable.
In the Senate, the report of the budget was received from the Committee on Appropriations for further legislative inputs by the senators possibly today.
The report of the 2018 budget was presented on Tuesday during plenary, and is expected to be deliberated on by the Senators today before the final passage into an Act.
The passage of the budget had been delayed because the Ministries, Departments, and Agencies of government allegedly failed to submit details of their budget proposals and did not come for budget defence session.
In the House of Representatives, the details of the budget was announced by the Chairman House Committee on Appropriations, Hon. Mustapha Bala Dawaki, during Tuesday plenary.
Breakdown of the budget laid before both chambers shows that the sum of N530,421,368,624 is for statutory transfer; N2,203,835,365,699 is for debt service; N199 billion is for sinking fund for maturing loans.
Also, N3,516,477,902,077 is for recurrent (non debt) expenditure, while N2,869,600,351,825 is for development fund for capital expenditure.
Dawaki, after presenting the Budget, urged the lawmakers to pick copies of the budget by 8.am today with the view to consider and pass the budget tomorrow (Thursday) hopefully.
The Budget was adopted by the members after it was put to vote by the House Deputy Speaker, Lasun Yusuff, who presided over the plenary.

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>