Finally, Senate passes N9.1trn 2018 budget

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Senate passes N9.1trn 2018 budget

NEWS DIGEST – The Senate has passed  the 2018 budget, increasing the proposal of N8.612 trillion presented by President Muhammadu Buhari  in December last year to N9.120trn.

The senate passed the budget after Danjuma Goje, chairman of the appropriation committee, moved for its consideration.

In November, President Muhammadu Buhari presented to a joint session of the national assembly a proposed sum of N8.6 trillion for 2018.

The president had proposed N3.5 trillion as recurrent (non-debt) expenditure, while N2.4 trillion was earmarked for capital expenditure.

The parliament also raised the budget by N508 billion.

Going by the increase, the budget now has N530 billion for statutory transfers, N2.2 trillion for debt service and N3.5 trillion recurrent expenditure, N2.8 trillion and N1.9 trillion for fiscal deficit.

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