Nigerian Senate Passes N9.12trn 2018 Budget

Nigeria Senate increases 2018 budget estimate

Nigeria Senate increases 2018 budget estimate

The budget was passed after the appropriation committees of the senate and the house of representatives moved for its consideration.

This is against the N8.6 trillion presented by President Muhammadu Buhari in November 2017.

The Budget document passed on the floor of the senate is similar to what is being considered by the house of representatives and it shows and increase of N508 billion to take it to N9,120, 334,988,225 from the N8.6 trillion presented by Buhari.

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.

The budget was delayed for 190 days from the day it was presented before passage, as attempts to pass the budget failed twice making it the most delayed budget in nineteen years.

The Chairman of the committee, Sen.

He said the surplus fund was spread on some "critical sectors" in consultation with the executive.

Other areas are; education, N15.7 billion, Judiciary, N10 billion and Niger Delta Development Commission (NDDC), N44.20billion.

The president had proposed N3.5 trillion as recurrent (non-debt) expenditure, while N2.4 trillion was earmarked for capital expenditure.

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.

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".

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