Parliament increases 2018 budget to $25 billion

Parliament increases 2018 budget to $25 billion

Yolanda Curtis
May 17, 2018

While debating on the budget before it was passed, the lawmakers said it was unfortunate that Nigerians believed that the passage was delayed by the Senate when it was the executive that actually did.

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Similarly, the development fund for capital expenditure was raised to N2.869tn from the N2.652tn proposed by the President on November 7.

Oil prices have rallied some $78.6 per barrel as at Tuesday 15 May 2018, representing a 74.7 per cent increase from the 2018 budget benchmark of $45 and a 67.2 percent increase from the $47 benchmark reversal that was made.

The presentation of the report was seconded by the Chairman, Senate Committee on Public Accounts, Senator Matthew Urhoghide, PDP, Edo South.

"For the first time, the National Assembly with consultation with the Executive implement the National Health Act which provides at least 1% of the amount in the Consolidated Revenue Fund (CRF) should be devoted to health sevices".

Another n106.50 billion is to be applied as intervention in the power, works and housing sector while education particularly for infrastructure for 12 newly established universities and meal subsidy in unity schools.

He asked members to pick copies of the report as early as 8am and read it, preparatory to the consideration and passage of the budget.

Reacting in a statement on Wednesday, Sani said the increment followed "close consultations and agreement between the National Assembly led by the Approriation committee and the Executive".

"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 is for Debt Service of which the sum of N190,000,000,000 (One Hundred and Ninety Billion Naira) only is for Sinking Fund for maturing loans".

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