The National Assembly finally passes the 2018 budget. - aksu360

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The National Assembly finally passes the 2018 budget.

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The Nigerian National Assembly has finally passed the 2018 budget, raising it by N500 billion. Both Houses on Wednesday (1/05/2018) approved a budget that rose from N8.6 trillion to N9.1 trillion, 6 months after it was presented by the executive.

Recall that President Muhammadu Buhari presented the budget to a joint session of the National Assembly on 7th of November 2017. The budget was increased from the earlier proposal of N8.612 trillion presented by President Muhammadu Buhari in December 2018 to N9.120trn.

Breakdown of the proposal show are:
- N530,421,368,624 for Statutory Transfer; 
- N2,203,835,365,699 for Debt Service; 
- N3,512,677,902,077 for Recurrent Expenditure, 
- N2,873,400,351,825 for Capital Expenditure, 
- Fiscal Deficit of N1,954,464,993,775 and 
- 1.73% Deficit to GDP.
  
Earlier, Chairman, Senate Committee on Appropriations, Dajuma Goje, revealed that increase in the budget by N508 billion was done in consultation with the executive arm of government.


In a bid to stop the payments of unappropriated subsidies and other payments not approved by the National Assembly, the lawmakers inserted the clause "the minister of Finance shall ensure that only funds appropriated under this act are released to the appropriate body".

The 2018 budget is to run from the date in is assented into law till June 30th, 2019.

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