BREAKING: Six Months After Presentation By President Buhari, Senate Passes N9.1trn 2018 Budget

After months of deliberations and scrutiny, the Nigeria senate on Wednesday passed the 2018 budget.

This was after the chairman of the appropriation committee, Danjuma Goje moved for the consideration of the passage of the budget.

You will recall that in November 2017, President Muhammadu Buhari presented to a joint session of the national assembly a proposed sum of N8.6 trillion for 2018.

The president had proposed N3.5 trillion as recurrent (non-debt) expenditure, while N2.4 trillion was earmarked for capital expenditure.

READ: #Budget2018: “Dogara Begged Us Not To Protest Against Buhari” – PDP Lawmakers

The national assembly raised price of the oil benchmark from $45 to $51. The lawmakers maintained oil production at 2.3 million barrels per day and exchange rate at N305 to a dollar.

The parliament also raised the budget by N508 billion.

Going by the increase, the budget now has N530 billion for statutory transfers, N2.2 trillion for debt service and N3.5 trillion recurrent expenditure, N2.8 trillion and N1.9 trillion for fiscal deficit.

The President had presented the budget before the national assembly in November with the hope of having it passed early in 2018.

But the house or rep had hinted last year that there was no way the budget was going to be passed before March 2018.

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