President Muhammadu Buhari
presented the budget to a joint session of the National Assembly on November 7,
2017.
Both houses of the National
Assembly on Tuesday received the budget report of their appropriation
committees.
Presenting the report, the
chairman of the senate committee on appropriation, Danjuma Goje, said the
increment was done in consultation with the executive.
He said the increment was
informed by a decision to increase oil benchmark from the proposed N45 to N51.
The exchange rate of N305 to a
dollar and production of 2.3 million barrels of oil per day was adopted as
proposed by the executive.
Mr Goje said the funds accrued
from the increment will be spent on some projects already earmarked by the
committee.
He said the surplus fund was
spread on some ‘critical sectors’ in consultation with the executive. He gave a
breakdown of how much more will be spent on different sectors.
According to the report,
N42.72billion will be spent on security, N57. 15 billion on the 1 per cent vote
for health as mandated by the National Health Act, N106.50b billion for the
Ministry of Power, Works and Housing.
Other areas are; education, N15.7
billion, Judiciary, N10 billion and Niger Delta Development Commission (NDDC),
N44.20billion.
He added that the increment will
allow for a N50.88 billion deficit reduction.
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.
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.
N3, 512, 677, 902, 077 was
earmarked for recurrent (non-debt) expenditure with a slight increment from N3,
494, 277, 820, 219 proposed and N2, 873, 400, 351, 825 was budgeted for capital
expenditure as against N2, 427, 665, 113, 222.
The budget will have a fiscal
deficit of N1, 954, 464, 993, 775 and a deficit to GDP of -1.73 per cent.
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