2018 budget: Senate receives report, eyes Thursday for passage into law

National-assembly-abuja-building

The details of the budget were listed on the order paper available at the senate on Tuesday.

NAIJ.com gathered that the presentation of the report was seconded by the chairman, Senate committee on public accounts, Senator Matthew Urhoghide representing Edo south.

President Buhari had on November 7 presented N8.6 trillion budget estimate to the joint session of National Assembly but a report presented to the House by the Committee on Appropriations was raised to N9.1 trillion.

ABUJA-THE National Assembly has jerked up the 2018 appropriation bill by a whopping sum of N508.33 billion, following its approval of the sum of N9.12 trillion for the 2018 fiscal year.

The 2018 budget was presented on Tuesday at the Senate during plenary which is expected to be deliberated on by the Senators on Wednesday, May 16, 2018, hoping to be passed on Thursday, May 17, 2018.

Also, capital expenditure was up from N2.42 trillion to N2.86 trillion, while debt service was also increased to N2.20 trillion from N2.01 trillion.

President Buhari had earlier presented a budget proposal containing N456bn for Statutory Transfer, N2.01tn for Debt Servicing, N220bn for Sinking Fund for maturing loans, N3.49tn Recurrent Non Debt Expenditure and N2.42tn for Development Fund for Capital Expenditure amounting to a sum of N8.612tn.

"If after the one-week and they don't, then we will take necessary actions to show that they need to comply with the law".

Lasun advised members to pick copies of the budget from the appropriation committee as the House was likely to pass the budget on Wednesday.

"I have earlier said it in other fora that the senate targets to lay the budget this week at its plenary".

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