2018 Budget: Senate Explains Rationale For New Figure
The Nigerian Senate has said that the 6% increase of the 2018 budget estimates from N8.612 trillion to N9.120 trillion was done in consultation with the Executive arm of government.
Chairman of the Senate committee on Approrpiations, Senator Danjuma Goje, stated this while presenting details of the Appropriation Bill for consideration at Wednesday’s plenary.
Senator Goje also listed the critical sectors where the increase was applied to include: “Reduction of deficit N50.88 billion; Security N46.72billion; Health N57.15billion; Power, Works and Housing N106.50billion; Education (particularly for the infrastructure for the 12 newly established Universities and meal subsidy in Unity schools) N15.70billion; Judiciary N10 billion and Niger Delta Development Commission (NDDC) N44.20billion, which is a part payment of the NDDC liabilities on the Federal Government of Nigeria.”
This, he said, was attributed to the increase in oil price benchmark. To this end, the lawmaker said the proposal was jerked up from $45 per barrel to $51 per barrel. Highlights of the budget are “=N=530,421,368,624 for Statutory Transfer; =N=2,203,835,365,699 for Debt Service; =N=3,512,677,902,077 for Recurrent Expenditure, =N=2,873,400,351,825 for Capital Expenditure, Fiscal Deficit of =N=1,954,464,993,775 and 1.73% Deficit to GDP.”