The Senate and House of Representatives has passed the 2018 budget of N9.1 trillion. The Senate passed the 2018 budget with an increase to nine trillion one hundred and twenty billion naira (N9.120 trillion naira) more than the eight point six one two trillion naira (N8.612 trillion) presented to it by President Muhammadu Buhari in November 2017, Pulse report.
At the plenary on Wednesday, after Chairman Committee on Appropriation, Senator Danjuma Goje presented the budget, the budget was passed.
The budget was passed by the upper legislative chamber after the presentation of the report on the document by the Senate committee on appropriations.
The N8.6 trillion 2018 budget which was presented before a joint sitting of the National Assembly on Tuesday, November 7, 2018, by President Muhammadu Buhari has the objective of delivering a three-year Economic Recovery and Growth Plan (ERGP).
The National Assembly had increased the budget to N9.120 trillion – indicating an extra N508 trillion.
In his presentation, Senator Goje noted that the increase was arrived at after the worked on the document.
The 2018 budget is premised on an Oil benchmark of $51 per barrel, crude oil production of 2.3 million barrels per day and an exchange rate of N305 to the dollar.
Details of the 2018 shows that N530,420,368,624 goes to statutory transfers; 2,203,835,365,699 for debt service; 3,512,677,902,077 for recurrent expenditure.
Capital expenditure stands at 2,873,400,351,825; fiscal deficit has been placed at 1,954,464,993,775; while deficit to the GDP is put at -1.73 per cent.
Meanwhile, the House of Representatives has also passed the same budget of N9.1 trillion also. Details of the report soon.