Reps jackup 2018 budget from  N8.612trn to N9.120trn

.Set Wednesay deadline for passage

 

By Kemi Yesufu

The House of Representatives presented the 2018 budget with an increase on the estimates submitted by President Muhammadu Buhari,  from N8.612 trillion to N9.120trillion.

The House also announced plans  to pass the 2016 Appropriation Bill on Wednesday.

Speaker Yakubu Dogara

The budget presented by President Buhari on November 7, 2017, to a joint session of the National Assembly, was referred to the House Committee on Appropriation on  December 5, 2017 for further legislative actions after the debate on the floor for second reading.

Chairman House Committee on Appropriation, Mustapha Dawaki, who made the presentation, urged 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 (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.

Deputy Speaker, Yussuff Lasun

From the total amount appropriated, he told the House that the sum of N 530,421,368,624 (Five Hundred and Thirty Billion, Four Hundred and Twenty-One Million, Three Hundred and Sixty-Eight Thousand, Six Hundred and Twenty-Four Naira)    only   was    for Statutory   Transfers, while the sum of N2,203,835,365,699 (Two Trillion, Two Hundred and Three Billion, Eight Hundred and Thirty-Five Million, Three Hundred and Sixty-Five Thousand, Six Hundred and Ninety Nine Naira) only was for Debt Service.

Also, that the sum of N190,000,000,000 (One Hundred and Ninety Billion Naira) only is for Sinking Fund for maturing loans, the sum of N3,516,477,902,077 ( Three Trillion, Five Hundred and Sixteen Billion, Four Hundred and Seventy-Seven Million, Nine Hundred and Two Thousand, Seventy Seven Naira) only was for Recurrent (Non-Debt) Expenditure, while the sum of  N2,869,600,351,825 (Two Trillion, Eight Hundred and Sixty-Nine Billion, Six Hundred Million, Three Hundred and Fifty- One Thousand, Eight Hundred and Twenty-Five Naira) only, was contribution to the Development Fund for Capital Expenditure (Exclusive of Capital Expenditure in Statutory Transfers) for the year ending on the 31st December, 2018.

Receiving the report, the Presiding officer and Deputy Speaker, Yussuff Lasun, directed the awmakers to pick up copies of the budget preparatory for passages.

He said” 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 reminded members of the need to pass the budget before adjourning on Thursday to enable Members participate in the forthcoming Congress of the All Progressives Congress (APC).

 

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