Published: Thu, May 17, 2018
IT | By Jonathon Greene

NASS increases 2018 budget from 8.6trn to N9.120trn

NASS increases 2018 budget from 8.6trn to N9.120trn

Shehu Sani, Senator representing Kaduna Central at the National Assembly, has revealed why the National Assembly chose to add N500 billion to the 2018 Appropriation Bill.

The Nigeria Senate has passed the 2018 budget presented before the National Assembly back in November 2017.

The Nigerian Senate, on Wednesday, passed the 2018 Appropriation Bill, six months after its presentation.

Presenting the budget for consideration, the Chairman, Senate Committee on Appropriations, Senator Danjuma Goje, explained that the increase in the benchmark was done in consultation with the Executive.

"The National Assembly with consultation of the Executive have set aside N57.15 billion for the implementation of this Health Act", he said.

Another n106.50 billion is to be applied as intervention in the power, works and housing sector while education particularly for infrastructure for 12 newly established universities and meal subsidy in unity schools.

He added that the increment will allow for a N50.88 billion deficit reduction.

But the lawmakers raised the budget by N500 billion.

In the President's estimates, the recurrent expenditure was captured as N3.494tn.

The budget will have a Fiscal Deficit of N1,954,464,993,775 and a Deficit-to-GDP is put at -1.73 per cent.

The House of Representatives also passed the 2018 budget with a recurrent expenditure of 3,512,677,902,077 and capital expenditure of 2,873,400,351,825.

However, the breakdown of the proposed N8.612 trillion of 2018 Aggregate Expenditure as presented by President Buhari a year ago, 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). Capital expenditure is N2.8 trillion.

Others are N45 billion for Independent National Electoral Commission and N3 billion for National Human Rights Commission.

Like this: