National Assembly passes N9.12tn 2018 Budget

President Buhari to submit 2018 Budget Nov 7

The #Budget2018 Report was laid on the floor of plenary today by Chairman of the Senate Committee on Appropriations, Mr Danjuma Goje.

The Nigerian Senate Wednesday passed the 2018 appropriation bill estimated to be N9.12 trillion and would be forwarded to President Muhammadu Buhari for his assent.

Buhari, who announced the 2018 budget as "Budget of Consolidation" said the projected expenditure is expected to consolidate on the achievements of previous budgets, and deliver on Nigeria's Economic Recovery and Growth Plan (ERGP) for 2018 - 2020.

The post BREAKING: National Assembly Passes 2018 Budget appeared first on Channels Television.

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.

He also said the 2018 budget was based on a crude oil benchmark price of United States $45 per barrel, with an output of oil production estimate of 2.3 million barrels per day, including condensates, as against that of 2017 which was of $42.50 per barrel, and output was put at 2.2 million barrels per day.

According to the breakdown, the sum of N199 billion is for sinking fund for maturing loans; N3.51 trillion for recurrent (non debt) expenditure, while N2.86 trillion is for development fund for capital expenditure.

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

But the National Assembly raised the estimate to N9.12 trillion.

Giving his remarks at the senate session on the budget passage, Senator Sani Yerima said "We have taken a lot of time on this and I believe that this is a budget of progress".

The budget will have a fiscal deficit of N1, 954, 464, 993, 775 and a deficit to GDP of -1.73 per cent.

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