17 May, 2018
President Muhammadu Buhari on November 17, 2017, presented a budget of 8.612 trillion Naira before a joint session of the National Assembly.
The Senate has passed the 2018 Budget of N9.21 Trillion following the consideration and adoption of the Budget report laid on the floor of the upper legislative chamber on Tuesday.
"The 2018 Appropriation Bill, as worked on, contains the following: Aggregate Expenditure, N9.12 trillion; Statutory Transfers, N530.42 billion; Debt Service, N2.20 trillion; Recurrent, N3.5 trillion; Capital Expenditure, N2.8 trillion; Fiscal Deficit, N1.95 trillion; and Deficit to GDP (-1.73 per cent)".
The Chairman of the committee, Sen.
He says the additional 508 billion added to the budget was applied in critical sectors of the economy namely: reduction of the deficit, security, health and power, works and housing.
The National Assembly has passed the 2018 Appropriation Bill.
Therefore, the Senate on February 14, 2018, gave the MDAs one-week ultimatum to submit details of their 2018 budget proposals or risk sanctions.
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N2, 203, 835, 365, 699 was budgeted for debt service as proposed while N190, 000, 000, 000 was budgeted for sinking fund for maturing loans.
The original budget spending plan was N8.6 trillion. In the last nineteen years of democracy, budgets have always been delayed.
The Senate and the House of Representatives have passed the 2018 budget, raising it by N500 billion.
Specifically, the Senate on February 14 this year, read the riot act to heads of the agencies who had not appeared then.
"Definitely, we can mandate the Ministry of Finance to ensure that they do not further order releases because they are breaking the law".
The same version of the report was presented in the Senate and House of Representatives.
Senate President, Bukola Saraki, and Speaker, Yakubu Dogara, had met with the President at the Presidential Villa to, among others, deliberate on the thorny aspects of the budget.