The Senate has finally passed the much awaited 2018 Appropriation bill, six months after it was presented to the National Assembly by President Muhammadu Buhari.
The original budget amount presented by President Buhari was N8.612 trillion but the amount passed on Wednesday by the senate is N9.12 trillion. Senators clarified that the increment was carried out in consultation with the executive since the oil benchmark was also increased from $45 per barrel to $51 per barrel.
Chairman, Senate Committee on Appropriations, Senator Danjuma Goje, said the extra N500 billion will be applied in critical sectors of the economy.
Senate President Bukola Saraki congratulated his colleagues for the passage and charged the executive arm of government to ensure full implementation.
He however regretted that fuel subsidy was not captured in the 2018 budget stressing that the expenditure of close to a trillion naira for fuel subsidy without budgetary provisions was illegal.
Below are highlights of the budget:
Aggregate Expenditure – N9.12 trillion
Statutory Transfers – N530.42 billion
Debt Service – N2.20 trillion
Recurrent expenditure – N3.5 trillion
Capital Expenditure, N2.8 trillion
Fiscal Deficit – N1.95 trillion
Other details are as follows:
N50.88 billion for reduction of deficit
N46.72 billion for security
N57.15 billion for health
N106.50 billion for Power, Works and Housing
N15.7 billion for Education, particularly the infrastructure for the 12 newly-established Universities and meal subsidy in unity schools
N10 billion for Judiciary
N44.20 billion for Niger Delta Development Commission.
More details soon…