{"id":1701,"date":"2018-05-16T00:00:00","date_gmt":"2018-05-16T00:00:00","guid":{"rendered":"https:\/\/placng.org\/i\/senate-passes-2018-appropriation-bill\/"},"modified":"2018-05-16T00:00:00","modified_gmt":"2018-05-16T00:00:00","slug":"senate-passes-2018-appropriation-bill","status":"publish","type":"post","link":"https:\/\/placng.org\/i\/senate-passes-2018-appropriation-bill\/","title":{"rendered":"Senate Passes 2018 Appropriation Bill"},"content":{"rendered":"<p>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<strong> (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)<\/strong> only, from the Consolidated Revenue Fund.<\/p>\n<p>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.<\/p>\n<blockquote><p>Highlights of the Bill include:<\/p><\/blockquote>\n<p><strong>Aggregate Expenditure \u2013 N9, 120, 334, 988, 225<\/strong><\/p>\n<p><strong>Statutory Transfers \u2013 N530, 421, 368, 624<\/strong><\/p>\n<p><strong>Debt Service \u2013 2, 203, 835, 365, 699<\/strong><\/p>\n<p><strong>Recurrent Expenditure \u2013 3, 512, 677, 902, 077<\/strong><\/p>\n<p><strong>Capital Expenditure \u2013 2, 873, 400, 351, 825<\/strong><\/p>\n<p><strong>Fiscal Deficit \u2013 1,954, 464, 993, 775<\/strong><\/p>\n<p><strong>Deficit to GDP-\u00a0\u00a0\u00a0\u00a0 -1.73%<\/strong><\/p>\n<p>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).<\/p>\n<p>Furthermore, Sen. Goje stated that the Committee premised the expenditure of the 2018 Appropriation Bill on the key revenue assumptions of <strong>$51<\/strong> as the <strong>benchmark oil price<\/strong>, <strong>2.3million barrels per day (mbpd)<\/strong> as the <strong>crude oil production<\/strong> and <strong>N305\/$<\/strong> as the <strong>exchange rate.<\/strong><\/p>\n<p>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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1105,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":""},"categories":[24],"tags":[],"acf":[],"author_meta":{"display_name":"PLAC","author_link":"https:\/\/placng.org\/i\/author\/olumide-adebayo\/"},"featured_img":"https:\/\/placng.org\/i\/wp-content\/uploads\/2019\/12\/senate-300x167.jpg","coauthors":[],"tax_additional":{"categories":{"linked":["<a href=\"https:\/\/placng.org\/i\/category\/news\/\" class=\"advgb-post-tax-term\">News<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">News<\/span>"]}},"comment_count":"0","relative_dates":{"created":"Posted 8 years ago","modified":"Updated 8 years ago"},"absolute_dates":{"created":"Posted on May 16, 2018","modified":"Updated on May 16, 2018"},"absolute_dates_time":{"created":"Posted on May 16, 2018 12:00 am","modified":"Updated on May 16, 2018 12:00 am"},"featured_img_caption":"","series_order":"","_links":{"self":[{"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/posts\/1701"}],"collection":[{"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/comments?post=1701"}],"version-history":[{"count":0,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/posts\/1701\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/media\/1105"}],"wp:attachment":[{"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/media?parent=1701"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/categories?post=1701"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/placng.org\/i\/wp-json\/wp\/v2\/tags?post=1701"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}