National Assembly Raises 2018 Budget From N8.6trn To N9.1trn - GLtrends.com.ng

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National Assembly Raises 2018 Budget From N8.6trn To N9.1trn

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The , both the Senate and House of Representatives Committees on Appropriations, on Tuesday laid the report of the 2018 N8.612 trillion budget at plenary, increasing the expenditure by over N500 billion to N9.120 trillion.

In the upper chamber, the document was laid by the Committee Chairman, Senator .

In the same vein, the report was laid in the lower chamber by the Chairman, House Committee on Appropriations, Hon. Mustapha Bala Madaki.

The Speaker of the House, Yusuf Lasun, who presided over Tuesday’s session, said the lawmakers will consider and pass the budget on Wednesday or Thursday.

He said: “We will begin the consideration tomorrow (Wednesday) afternoon and pass it but if we are not able to, we will finish on Thursday.”

“That the house do receive the report of the committee on appropriations on a bill for an act to authorize the issue from the consolidated revenue fund of the federation, the total sum of N9,120,334,988,225 (Nine Trillion, One Hundred and Twenty Billion, Three Hundred and Thirty-Four Million, Nine Hundred and Eighty-Eight Thousand, Two Hundred and Twenty-Five Naira) only,” the order paper read.

The Senate and House of Representatives had promised to pass the budget on April 24, but failed to do so.

There were equally assurances that the budget would be passed in the first week of May but it was not passed.

See summary of changes done to the 2018 budget below:

ITEMFG PROPOSALCHANGE
Debt serviceN2.01 trillionN2.20 trillion
Statutory transferN456 billionN530 billion
Maturing loansN220 billionN190 billion
Recurrent expenditureN3.49 trillionN3.51 trillion
Capital expenditureN2.42 trillionN2.86 trillion

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