Nigeria's Parliament Passes Record 9.12T Naira 2018 Budget

File Buhari presenting the 2018 budget

File Buhari presenting the 2018 budget

This followed the jerking up of the budget estimates to N9, 120, 334, 988, 225 trillion from the N8.612 trillion proposed by President Buhari when he presented same on November 7, 2017.

The same version of the report was presented in the Senate and House of Representatives.

President Buhari said, "the 2018 budget will consolidate on the achievements of the previous budget and that 2018 is expected to be a year of better outcomes".

He expressed belieft that the budget, when passed, would be a budget of progress.

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

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

A document released yesterday May 15 by the House of Representatives shows that $9.7 billion should be used for recurrent expenditures while $7.7 billion will be used for capital spending and $6.1 billion for debt servicing.

The Chairman of the committee, Sen.

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He also said the 2018 budget was based on a crude oil benchmark price of U.S. $45 per barrel, with an output of oil production estimate of 2.3 million barrels per day, including condensates, as against that of 2017 which was of $42.50 per barrel, and output was put at 2.2 million barrels per day.

According to the report, N42.72 billion will be spent on security, N106.50 billion for the Ministry of Power, Works and Housing, N15.7 billion is earmarked for Education, N10 billion for Judiciary while N44.20 billion for Niger Delta Development Commission (NDDC). We all recall in the Health Act, 2014 where it was stated that at least 1% CAN will be allocated to Primary Health Care.

Mustapha Dawaki (APC, Kano), also laid the report.

The National Assembly has passed the 2018 Appropriation Bill.

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N2, 203, 835, 365, 699 was budgeted for debt service as proposed while N190, 000, 000, 000 was budgeted for sinking fund for maturing loans.

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