Finally, Senate receives 2018 budget after six months delay

Finally, Senate receives 2018 budget after six months delay

Finally, Senate receives 2018 budget after six months delay

The Senate on Wednesday approved N9.1 trillion as budget for 2018.

The 2018 Budget report was laid on the floor of plenary by the Chairman of the Senate Committee on Appropriations, Senator Danjuma Goje.

A breakdown of the total budget of n9.120 trillion shows that the sum of n530 billion is allocated for statutory transfer while n2.2 trillion is earmarked to service Nigeria's debt.

However, the breakdown of the proposed N8.612 trillion of 2018 Aggregate Expenditure as presented by President Buhari previous year, 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).

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Also increased, it was gathered, is the budget of the Office of the Auditor- General of the Federation to enable it carry out its responsibilities to the fullest.

A debt servicing cost of 2,203,835,365,699 and statutory transfers of 530,421,368,624.

Yesterday, Minister of Finance, Mrs Kemi Adeosun, disclosed that government was closing the 2017 budget with N1.5 trillion spent on capital expenditure.

The delay in quick consideration of the budget, shifted to non-appearance of heads of the various Ministries, Departments and Agencies, MDAs, before the relevant committees of both chambers in January.

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The passage of the budget comes more than six months after it was submitted to the national assembly.

The new budget size was contained in the report of the joint Senate and House of Representatives Committee on Appropriation laid before lawmakers in Abuja on Tuesday.

" I think it is very clear that the mandate we give to them is one week".

Also, Senate President Bukola Saraki had on April 12, mandated the Committee on Appropriations to tidy up reports on the budget before April 13.

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