Senate To Receive 2018 Budget Report On Tuesday


Though, the Senate Committee on Appropriation only laid a blank report yesterday for final consideration and passage today or tomorrow, the N508 billion increments in the proposed budget profile, was reflected in the report laid by the House of Representatives Committee on Appropriation.

According to Senator Goje, the Committee of Appropriations "with full consultations of the Executive" reviewed the assumptions for the budget as follow: Oil price benchmark was put at $51 per barrel as against $45 per barrel proposed by the Executive; crude oil production, 2.3 million barrels per day; exchange rate was pegged at N305/USD.

The Chairman of the Senate Committee on Media and Public Affairs, Senator Aliyu Sabi-Abdullahi, had on different occasions said the budget would be passed after the report was presented.

In the final breakdown, the senate passed a 2018 budget of N9, 120, 334, 988, 225 of which N530, 421, 368, 624 is for statutory transfers as against N456, 458, 654, 074 proposed by the executive.

The National Assembly has passed the 2018 Appropriation Bill.

The 2018 budget is the most delayed since Nigeria returned to democratic rule in 1999, with May 15, 2018 marking 190 days from November 7, 2017 when President Buhari presented it.

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Mustapha Dawaki (APC, Kano), also laid the report.

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.

N2,203,835,365,699 for Debt Servicing, N190 billion for Sinking Fund for maturing loans; N3,512,677,902,077 for Recurrent (non debt) Expenditure while N2,873,400,351,825 as contributiom to the development fund for Capital Expenditure as against N2,427,665,113,222 earlier proposed.

The ultimatum was sequel to a point of order raised by the Senate Leader, Senator Ahmed Lawan, through a point of order.

They said ministries, departments, and agencies (MDAs) of Federal Government failed to defend their budget estimates until they were directed to do so in March this year.