Why NASS Added N500bn To 2018 Budget - Senator

Nigerian Senate

THE House of Representatives on Tuesday, announced an increase on President Muhammadu Buhari's 2018 Appropriation Bill from N8.6 trillion to N9.1 trillion.

Senator Lawan through the order, drew the attention of the Senate to the fact that of 64 government agencies, only the National Communications Commission, NCC, submitted details of its 2018 budget proposal three months after presentation of estimates by the President.

The budget was raised by N500 million to a total sum of N9.1 trillion, with the oil benchmark increased from $45 to $51 per barrel.

The amount represents an increase of n508 billion from the sum of n8.612 trillion presented by president Muhammadu Buhari to the national assembly last November.

The #Budget2018 Report was laid on the floor of plenary today by Chairman of the Senate Committee on Appropriations, Mr Danjuma Goje.

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However, the breakdown of the proposed N8.612 trillion of 2018 Aggregate Expenditure as presented by President Buhari past year, comprises a Recurrent Cost of N3.494 trillion; Debt Service of N2.014 trillion; Statutory Transfers of about N456 billion; Sinking Fund of N220 billion (to retire maturing bond to Local Contractors) and Capital Expenditure of N2.428 trillion (excluding the capital component of Statutory Transfers).

The National Assembly and the Executive had since engaged each other in a blame game over the delay in passing the budget.

He added the the increment would allow for a N50.88 billion deficit reduction. "Millions of Nigerians will enjoy free health services across the country", he said.

Giving his remarks at the senate session on the budget passage, Senator Sani Yerima said "We have taken a lot of time on this and I believe that this is a budget of progress".

N2,203,835,365,699 for Debt Servicing, N190 billion for Sinking Fund for maturing loans; N3,512,677,902,077 for Recurrent (non debt) Expenditure while N2,873,400,351,825 as contributiom to the development fund for Capital Expenditure as against N2,427,665,113,222 earlier proposed.

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