Senate Passes 2018 Budget After 7 Months

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Posted by Tony Okechukwu

                                                           
The Senate on Wednesday passed the 2018 budget of N9.12 trillion after seven months following the adoption of the report by the joint National Assembly Committee on Appropriations.

The report was laid before the Senate on Tuesday, while the lawmakers considered and adopted it at an extended plenary on Wednesday.

The same version of the report was presented in the Senate and House of Representatives.

President Muhammadu Buhari had on November 7, 2017 presented a budget of N8.612 trillion to the National Assembly for approval.

The Assembly hiked the budget to N9.12 trillion, by adding N508 billion extra.

In the new appropriation, N530,421,368,624 was proposed for statutory transfer; N2,869,600,351,825 for development fund for capital
expenditure; N3,516,477,902,077 for recurrent (non debt) expenditure; while N2,203,835,365,699 is for debt service; and N199bn as sinking fund for maturing loan.
~ News

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