Nigerian Senate Passes N9.12trn 2018 Budget

Finally senate receives 2018 budget report

Finally senate receives 2018 budget report

On the 23rd of March, the upper legislative chamber instructed its standing committees to turn-in their reports on the appropriation bill.

In November, President Muhammadu Buhari presented to a joint session of the national assembly a proposed sum of N8.6 trillion for 2018.

The House of Representatives also passed the 2018 budget with a recurrent expenditure of 3,512,677,902,077 and capital expenditure of 2,873,400,351,825.

Yesterday, Minister of Finance, Mrs Kemi Adeosun, disclosed that government was closing the 2017 budget with N1.5 trillion spent on capital expenditure.

In the final breakdown, the senate passed a 2018 budget of N9, 120, 334, 988, 225 of which N530, 421, 368, 624 is for statutory transfers as against N456, 458, 654, 074 proposed by the executive.

The post BREAKING: National Assembly Passes 2018 Budget appeared first on Channels Television.

Also, the budget has just been laid before the House of Representatives by the Appropriations Committee.

He also said the 2018 budget was based on a crude oil benchmark price of USA $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.

The Chairman of the committee, Sen.

These include n50.88 billion for reduction of deficit; n46.72 billion for security and n57.15 billion for the health sector.

The Nigerian Senate on Tuesday finally laid the 2018 appropriation bill after postponing it in the past two different times.

Trend analysis reveals that the National Assembly often increases the budget estimates given by the executive.

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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