Published: Thu, May 17, 2018
Hi-Tech | By Grace Becker

Finally, Senate receives 2018 budget after six months delay

Finally, Senate receives 2018 budget after six months delay

Danjuma Goje, on Tuesday laid the report before the Senate in plenary, six months after it was presented by President Muhammadu Buhari.

The Senate on Wednesday approved N9.1 trillion as budget for 2018.

The House of Representatives also passed the 2018 budget with a recurrent expenditure of 3,512,677,902,077 and capital expenditure of 2,873,400,351,825.

Goje said: "The budget has the objective of delivering on a three-year (2018-2020) Economic Recovery and Growth Plan".

Meanwhile, the House of Representatives has resolved to pass the budget at noon today and the breakdown shows that the sum of N530.42 billion is for statutory transfer; N2.20 trillion for debt service.

Since then, the National Assembly had made promises in passing the budget but failed to meet up such deadlines.

This post was syndicated from BusinessDay: News you can trust.

Flash Flood Watch In Effect For Parts Of Maryland
The creek is forecast to rise above flood stage and continue to near 10.6 feet by Wednesday afternoon before beginning to fall. Showers and storms overnight could produce damaging winds and hail and will linger into the Tuesday morning commute.

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.

Similarly, the development fund for capital expenditure was raised to N2.869tn from the N2.652tn proposed by the President on November 7.

These include n50.88 billion for reduction of deficit; n46.72 billion for security and n57.15 billion for the health sector.

He asked members to pick copies of the report as early as 8am and read it, preparatory to the consideration and passage of the budget.

Expeditious consideration for the 2018 budget estimates by both chambers of the National Assembly ran into troubled waters in December a year ago when the federal lawmakers observed that details of implementation of the capital components of the 2017 budget were not made available by the executive.

The budget will have a fiscal deficit of N1, 954, 464, 993, 775 and a deficit to GDP of -1.73 per cent.

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