Senate passes 2018 budget

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.

 

Source: Dailypost

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