2018 Budget: Highest since Nigeria’s return to Democracy?
NEWS DIGEST – The National Assembly has increased the proposed 2019 budget from N8.612tn to N9.120tn.
The budget is said to be the highest fiscal estimation in the country since the return of Democracy into the country in 1999.
The budget report had it that the breakdown of the budget, which was laid before both chambers on Tuesday, showed that the sum of N530,421,368,624 is for statutory transfer while N2,203,835,365,699 is for debt service.
It also added that the sum of N199 billion is for sinking fund for maturing loans; N3,516,477,902,077 is for recurrent (non-debt) expenditure while N2,869,600,351,825 is for development fund capital expenditure.
However, the NEWS DIGEST takes a look at the budget sequence in the country from 1999 till date.
Federal government’s budget sequence from 1999 to 2018:
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1999: N299bn
2000: N702bn
2001: N894bn
2002: N1.06tn
2003: N1.45tn
2004: N1.19tn
2005: N1.6tn
2006: N1.88tn
2007: N2.39tn
2008: N2.74tn
2009: N3.05tn
2010: N4.4tn
2011: N4.7tn
2012: N4.9tn
2013: N4.99tn
2014: N4.96tn
2015: N4.4tn
2016: N6.06tn
2017: N7.4tn
2018: N8.6trn (now 9.1trillionNaira)
However, despite these budgetary allocations, Nigerians have continued to accuse the government of under performance in major sectors of the economy.
The budget is expected to be passed before the week runs out after the report on the budget was submitted to the National Assembly on Tuesday.
