Senate passes 2018 Budget of N9.12 trillion

National Assembly passes N9.12tn 2018 Budget
Nigeria Senate increases 2018 budget estimate
Author

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.

Oil dips on signs of ample supply despite OPEC cuts, Iran sanctions
A lot will depend on how other major oil consumers respond to Washington's action against Tehran, which will take effect in November.

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.


More news


  • Cleric, paramilitary leader surge at Iraq elections

    Cleric, paramilitary leader surge at Iraq elections

    By the end of the announcement, al-Sadr's list had the highest popular vote, followed by al-Amiri's. More than 2 million people are displaced by war, majority Sunnis.
    Soros-backed foundation leaving Hungary

    Soros-backed foundation leaving Hungary

    Rights groups in Hungary and overseas have denounced the proposals as a way of cracking down on groups critical of the government. Central European University in Budapest , another institution that was founded and funded by Soros, remains in a state of limbo.
    United States  and North Korea in 'complete agreement' on summit objectives: Pompeo

    United States and North Korea in 'complete agreement' on summit objectives: Pompeo

    He's speaking the day after he returned from Pyongyang with three American detainees released by North Korea. To the USA , that means the North giving up the nuclear weapons it has already built.
  • Oklahoma's Governor Signs First Anti-LGBTQ Law Of 2018

    Oklahoma's Governor Signs First Anti-LGBTQ Law Of 2018

    Senate Bill 1212 eliminates the training requirements for persons carrying a firearms in Oklahoma. Shane Stone, made whereas the invoice was debated.
    Washington Capitals: 3 Reasons They Finally Beat The Pittsburgh Penguins

    Washington Capitals: 3 Reasons They Finally Beat The Pittsburgh Penguins

    Braden Holtby stood tall during the Penguins series and posted a.921 save-percentage (SV %) and a 2.1 goals-against-average (GAA). They will meet up with the Tampa Bay Lightning in the East finals, the second meeting between these clubs in the Ovechkin era.

    Trump Tweets Against Blankenship in West Virginia

    Trump's tweet is a reminder that he believes, deeply, in the concept that winning isn't everything, it's the only thing. In the Democratic race, former Ohio Attorney General Richard Cordray is leading, with an endorsement from Sen.
  • David Tepper buying Carolina Panthers for record-setting price of $2.2B

    David Tepper buying Carolina Panthers for record-setting price of $2.2B

    On the evening of December 17, Richardson announced in a public letter that he would sell the team after the season. The team was sold after previous owner Frank McCourt included the franchise in a Chapter 11 bankruptcy filing.
    GDPR may make some users more likely to share their data

    GDPR may make some users more likely to share their data

    Over the last decade, Google has built a strong global privacy compliance program, taking advice from regulators around the world. Google announced a number of updates across its platforms that will help it comply with the upcoming EU GDPR regulations.
    Updates on Cristiano Ronaldo's injury

    Updates on Cristiano Ronaldo's injury

    Messi received a yellow card in the 45th minute for a poor slide into Sergio Ramos . We wanted to win and Madrid had a very good game in general.
  • Country Stars Honor Their Moms This Mother's Day

    Country Stars Honor Their Moms This Mother's Day

    It'd be countless when reflecting all those who've stepped in to guide, help, been a "substitute mother ", when Mom wasn't there. For all the wonderful moms , Happy Mother's Day! The theme for the Mother's Day in the year 2016 was "Hands of the Mother ".
    Google will ban all ads related to the referendum

    Google will ban all ads related to the referendum

    Before Facebook started to block advertising related to the referendum, but which does not belong to Irish advertisers. Google said its decision - which includes ads on YouTube - comes as part of its "election integrity efforts globally".
    Ariana Grande & Mac Miller Split

    Ariana Grande & Mac Miller Split

    Last year, Ariana revealed in an interview with Cosmopolitan that she had feeling for the "Smile Back" spitter for a long time. That same year, Mac was featured on a remix of her single Into You , as well as her Yours Truly single The Way.