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National Assembly Raises 2018 Budget From N8.6trn To N9.1trn

The National Assembly, both the Senate and House of Representatives Committees on Appropriations, on Tuesday laid the report of the 2018 N8.612 trillion budget at plenary, increasing the expenditure by over N500 billion to N9.120 trillion.

In the upper chamber, the document was laid by the Committee Chairman, Senator Danjuma Goje.

In the same vein, the report was laid in the lower chamber by the Chairman, House Committee on Appropriations, Hon. Mustapha Bala Madaki.

The Speaker of the House, Yusuf Lasun, who presided over Tuesday’s session, said the lawmakers will consider and pass the budget on Wednesday or Thursday.

He said: “We will begin the (Wednesday) afternoon and pass it but if we are not able to, we will finish on Thursday.”

“That the house do receive the report of the committee on appropriations on a bill for an act to authorize the issue from the consolidated revenue fund of the federation, the total sum of N9,120,334,988,225 (Nine Trillion, One Hundred and Twenty Billion, Three Hundred and Thirty-Four Million, Nine Hundred and Eighty-Eight Thousand, Two Hundred and Twenty-Five Naira) only,” the order paper read.

The Senate and House of Representatives had promised to pass the budget on April 24, but failed to do so.

There were equally assurances that the budget would be passed in the first week of May but it was not passed.

See summary of changes done to the 2018 budget below:

ITEM FG PROPOSAL CHANGE
Debt service N2.01 trillion N2.20 trillion
Statutory transfer N456 billion N530 billion
Maturing loans N220 billion N190 billion
Recurrent expenditure N3.49 trillion N3.51 trillion
Capital expenditure N2.42 trillion N2.86 trillion

 

 

 

 

 

 

Source: 360nobs

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