The National Assembly has increased the 2018 Appropriation Bill by N508 billion, raising it from N8.612 trillion to N9.120 trillion (N508bn increase) preparatory to the passage of the budget this week.
Coming six months after it was laid by President Muhammadu Buhari before a joint session of the National Assembly, the Senate and House of Representatives Committees on Appropriation Tuesday laid the report of the 2018 budget at plenary. In the upper chamber, the document was laid by Senator Danjuma Goje (APC, Gombe Central).
The presentation of the report was seconded by the Chairman, Senate Committee on Public Accounts, Senator Matthew Urhoghide, (PDP, Edo South).
Following the receipt of the budget report presented by chairman of the House Committee on Appropriation, Hon. Bala Mustapha Dawaki (APC, Kano), he House of Representatives endorsed the increase.
Dawaki requested the House to receive the “report 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 only.”
He said from the total amount appropriated, the sum of N530,421,368,624 only was for Statutory Transfers, while the sum of N2,203,835,365,699 only was for Debt Service.
Also, that the sum of N190 billion only is for Sinking Fund for maturing loans, the sum of N3,516,477,902,077 only was for Recurrent (Non-Debt) Expenditure, while the sum of N2,869,600,351,825 only was contribution to the Development Fund for Capital Expenditure (Exclusive of Capital Expenditure in Statutory Transfers) for the year ending on December 31, 2018.
The Deputy Speaker, Hon. Yussuff Lasun, who presided over plenary in the House Tuesday said the budget would probably be passed Wednesday, but in the event that the House is unable to conclude work on the Appropriation Bill Wednesday, it will be passed Thursday.
“Members should pick up copies of the budget tomorrow (Wednesday) morning and we will pass the budget later in the afternoon. If we are not able to finish, we will continue on Thursday,” Lasun said.