BREAKING! Senate Passes 2018 Budget
The Senate on Wednesday passed the 2018 budget of N9.120 trillion.
This comes as it explained that the 6 percent increase of the budget estimates from N8.612 trillion to N9.120 trillion was done in consultation with the Executive arm of government.
Adoption of the money bill followed the consideration of the report of the Committee on Appropriations, chaired by Danjuma Goje (APC, Gombe State).
The appropriation bill, which is the largest in the nation's history, is premised expenditure on the following key revenue assumptions: oil price benchmark of $51; crude oil production of 2.3 million barrels per day and exchange rate of N305/$1USD.
The 2018 proposal by President Muhammadu Buhari had projected an oil price benchmark at $45, crude oil production at 2.3mbpd and based on an exchange rate of N305 to $1.
The budget was increased by N508 billion, and Chairman of the Senate Committee on Appropriations, Senator Danjuma Goje (APC, Gombe State) attributed this to the increase in oil price benchmark.
He said the proposal was jerked up from $45 per barrel to $51 per barrel.
Consequently, the senator listed the critical sectors where the increase was applied to include: Reduction of deficit N50.88 billion; Security N46.72billion; Health N57.15billion; Power, Works and Housing N106.50billion; Education (particularly for the infrastructure for the 12 newly established Universities and meal subsidy in Unity schools) N15.70billion; Judiciary N10.00billion and Niger Delta Development Commission (NDDC) N44.20billion.
Highlights of the proposal shows that the sum of N530,421,368,624 is for Statutory Transfer; N2,203,835,365,699 for Debt Service; N3,512,677,902,077 for Recurrent Expenditure, N2,873,400,351,825 for Capital Expenditure, Fiscal Deficit of N1,954,464,993,775 and 1.73 percent Deficit to GDP.
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