Senate Finally Lays 2018 Budget Report


The Chairman of the committee, Senator Danjuma Goje, laid the report before the Senate at the plenary on Tuesday.

After about seven months President Muhammadu Buhari presented the 2018 Budget proposal to the National Assembly, indications emerged yesterday that the document will be passed today (Wednesday) or tomorrow.

However, the Senate had on several occasions accused Ministries, Departments and Agencies (MDAs) of not keeping to appointments with the various standing committees to defend their budgets.

The original budget spending plan was N8.6 trillion.

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It will be recalled that at a meeting between the President and leaders of the National Assembly Senate President Dr. Bukola Saraki and House Speaker Rt.Hon Yakubu Dogara, there was assurance that the budget will be passed this week.

A breakdown of the total budget of n9.120 trillion shows that the sum of n530 billion is allocated for statutory transfer while n2.2 trillion is earmarked to service Nigeria's debt.

He said the surplus fund was spread on some "critical sectors" in consultation with the executive.

According to him, 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 and N44.20 billion for Niger Delta Development Commission.

N2,203,835,365,699 for Debt Servicing, N190 billion for Sinking Fund for maturing loans; N3,512,677,902,077 for Recurrent (non debt) Expenditure while N2,873,400,351,825 as contributiom to the development fund for Capital Expenditure as against N2,427,665,113,222 earlier proposed.

But the National Assembly raised the estimate to N9.12 trillion.

The budget will have a Fiscal Deficit of N1,954,464,993,775 and a Deficit-to-GDP is put at -1.73 per cent.