BREAKING: After six months, Senate passes 2018 budget

By Editor on 16/05/2018

Share on facebook Yahoo mail icon Gmail icon

Views: 265


The Nigerian Senate, on Wednesday, passed the 2018 Appropriation Bill, six months after its presentation.

President Muhammadu Buhari, had at the joint session of the National Assembly, presented a proposed budget of eight trillion, six hundred and twelve billion, two hundred and thirty-six million, nine hundred and fifty-three thousand, two hundred and fourteen Naira (N8,612, 236,953,214) to the lawmakers.

Several officials of Ministries, Departments and Agencies have come to defend their 2018 appropriation bill.

The defence had been characterized with criticisms from the red chamber who lamented that some government officials failed to show up and those who came refused to return when told to make corrections.

On the 23rd of March, the upper legislative chamber instructed its standing committees to turn-in their reports on the appropriation bill.

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

However, the Senate has now passed a budget that was inflated by five hundred billion Naira (N500bn).

The Senate passed the budget of 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 (N9,120,334,988,225).

Whereas, President Buhari proposed the sum of two trillion four hundred and twenty eight billion naira (N2.428tr) as the capital budget, while the sum of three trillion four hundred and ninety four billion naira (N3.494tr) was proposed for recurrent expenditure.

The President also proposed the sum of two hundred and twenty billion Naira (N220bn) as sinking fund and four hundred and fifty-six billion Naira (N456bn) as statutory transfers.

But in the passed budget, the lawmakers jacked the capital budget to two trillion, eight hundred and sixty-nine billion, six hundred million, three hundred and fifty-one thousand, eight hundred and twenty-five naira (N2,869,600,351,825), a differential of over N400bn.

The lawmakers also passed the sum of three trillion, five hundred and sixteen billion, four hundred and twenty-seven million, nine hundred and two thousand, seventy-seven Naira (N3,516,477,902,077) for recurrent expenditure in the 2018 budget. This translates to a differential of N22bn.

The sum of one hundred and ninety billion naira only (N190bn) is enmarked for sinking fund for maturing loans while the statutory transfer has the sum of five hundred and thirty billion, four hundred and twenty-one million three hundred and sixty-eight thousand, six hundred and twenty-four naira (N530,421,368,624).

In the same vein, the lawmakers proposed the sum of two trillion, two hundred and three billion, eight hundred and thirty-four million, three hundred and sixty-five thousand, six hundred and ninety-nine naira (N2,203,835,365,699) for the services of both local and foreign debts.

 

 

Posted on May, 16 2018

Share on facebook Yahoo mail icon Gmail icon


You may also like...
Panic in Aso Rock as two escapes death...

Federer groans after shock French Open exit

Trader murders customer over N10 cigarette

BREAKING: R-APC Chairman in auto crash, escapes death...

$29.960bn foreign loan: Falana fires warning shot at...

Nigeria must apologise to Fela – Murray Bruce...

Lawmaker labels Buhari's govt 'a failure' *Forget your...

BREAKING: US court orders Acosta, CNN reporter, back...

Lulu doles out N14.5 million scholarship on 20...
Latest News 45 years after, NYSC due for restructuring – Obi Bello has raised 12-man killer squad in Kogi, PDP cries out Obasanjo's open letter: 25 points to note *I pity Osinbajo BREAKING: Buhari, another Abacha, planning to rig election – Obasanjo *The world’s watching BREAKING: Atiku returns from US, storms Abuja presidential debate Buhari blames Trump for Atiku’s US trip *Insists, ex-VP has a criminal case Linking me with Bank PHB collapse, another cock and bull story - Atiku You should be crying for Atiku not celebrating his US trip, El-Rufai mocks PDP CCT trial: CJN to be arrested next week *Plot to replace him thickens Obi: Atiku proving nothing going to America *He’s preparing ahead of his presidency

 

Most Read BREAKING: Atiku defects to APGA *Picks ticket for 2019 presidency *Runs with Soludo (55,935 views) BREAKING: Ronaldo, Messi, Neymar clinch final Ballon d'Or shortlist, Suarez snubbed (37,703 views) You must release Kanu, give us justice or we keep bombing – Gen. Ben (25,471 views) Seven 'killer' SARS officers arrested in Anambra for murder (23,024 views) I must redeem Ndigbo or die trying – Nwodo *We're quite uncomfortable in Nigeria (21,596 views) Biafra: I’ll lead negotiation with agitators – Okorie *Warns against force (14,665 views) Okorie to Buhari: Your gvt can’t be killing Ndigbo and offering B’Haram amnesty (14,220 views) BREAKING: Upset, as Ugwuanyi appoints Queen of 419 into cabinet (13,322 views) BREAKING: Again DSS shuns court order, hedges on Kanu's release (13,105 views) Catholic bishops to Mbaka: Your prophesies could be brain wave (11,813 views)

 

News Appointments (194) Business (292) Crime (855) Economy (517) Education (191) Entertainment (145) Fashion and Style (37) General (368) Health (394) Inside Africa (271) Interviews (17) National (954) Politics (2867) Press Releases (3) Religion (174) Security (1366) Sports (2273) Technology (25) World News (488)

 

CBN banner advert

Chelsea Outdoor

Veleta banner

FRSC Officials vs Woman Driver on highway

 

 

Newsletters Subscribe to Whirl Wind News newsletters today and get breaking news and updates delivered to your mailbox!

Sign up

 

Advertisement