Why NASS Added N500bn To 2018 Budget - Senator

Nigeria Senate increases 2018 budget estimate

Chairman of the Senate committee on appropriation, Danjuma Goje, presented the budget to the upper legislative chamber at plenary on Tuesday, May 15, 2018.

Buhari had on November 7, 2017 presented a budget of N8.6 trillion before a joint session of the National Assembly.

President Buhari presented a budget of N8.6trn to the National Assembly christened "Budget of Consolidation", but the senate increased by 6% (an additional N508bn) taking it to the current amount of N9.12trn.

Also, Senate President Bukola Saraki had on April 12, mandated the Committee on Appropriations to tidy up reports on the budget before April 13.

Strong indications, however, emerged that the budget will be passed by the Senate this week, just as moves to do that was largely believed by concerned Nigerians to have arisen as a result of May 31, 2018, set as deadline for the life span of 2017 budget of N7.444trillion.

He expressed belieft that the budget, when passed, would be a budget of progress.

The post BREAKING: National Assembly Passes 2018 Budget appeared first on Channels Television.

The Senate's decision to increase the budget by over N500 billion was as a result of the increase in oil benchmark from $45 per barrel to $51 per barrel.

Nigeria plans to spend another n3.5 trillion on recurrent expenditure while capital spending takes n2.8 trillion.

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

Reacting in a statement on Wednesday, Sani said the increment followed "close consultations and agreement between the National Assembly led by the Approriation committee and the Executive".

Laying and passage of the report had also been shifted several times.

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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