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NASS increases 2018 budget from N8.612tn to N9.120tn

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The National Assembly has increased the 2018 budget from the initial N8.612 trillion to N9.120 trillion.

The details of the budget were listed on the order paper available at the Nigerian Senate on Tuesday, May 15.

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The report was laid by Danjuma Goje, Chairman of the Senate Appropriation Committee and seconded by Senator Matthew Uroghide.

This is contained in the report of the National Assembly joint Committees on Appropriation just presented to members.

The new figure has a difference of about N508bn, up from the N8.612tn presented by President Muhammadu Buhari on November 7, 2017.

According to the document laid at the House on Tuesday, N530,421,368,624 was proposed for statutory transfer; N2,869,600,351,825 for development fund for capital expenditure; N3,516,477,902,077 for recurrent (non debt) expenditure; while N2,203,835,365,699 is for debt service; and N199bn as sinking fund for maturing loan.

“That the house do receive the report of the committee on appropriations 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 (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) only,” the order paper read.

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