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BREAKING: Senate passes N9.1 trillion 2018 budget (SEE DETAILS)

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…

 

 

 

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