The Senate at its plenary session of Wednesday, 16 May 2018, passed the 2018 Appropriation Bill. The Bill seeks to authorize the 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, from the Consolidated Revenue Fund.
Presenting the report, Chairman Senate Committee on Appropriations, Sen. Danjuma Goje (APC: Gombe) stated that the Bill contained estimates of revenue and expenditure for the year ending 31 December 2018.
Highlights of the Bill include:
Aggregate Expenditure – N9, 120, 334, 988, 225
Statutory Transfers – N530, 421, 368, 624
Debt Service – 2, 203, 835, 365, 699
Recurrent Expenditure – 3, 512, 677, 902, 077
Capital Expenditure – 2, 873, 400, 351, 825
Fiscal Deficit – 1,954, 464, 993, 775
Deficit to GDP- -1.73%
Other notable provisions, mentioned by Sen. Goje includes, the increase in oil price benchmark for some critical sectors such as the Reduction Deficit; Security; Health; Power; Works and Housing; Education specifically for the 12 newly established Universities and meal subsidy in Unity schools; Judiciary and the Niger Delta Development Commission (NDDC).
Furthermore, Sen. Goje stated that the Committee premised the expenditure of the 2018 Appropriation Bill on the key revenue assumptions of $51 as the benchmark oil price, 2.3million barrels per day (mbpd) as the crude oil production and N305/$ as the exchange rate.
Although lawmakers expressed dismay over reports that the passage of the budget was deliberately delayed by the National Assembly, they urged the Federal Government to ensure that 2018 Budget is effectively implemented and addresses the needs of citizens and economic challenges.
