We increased 2018 budget with Executive approval - Shehu Sani

We increased 2018 budget with Executive approval - Shehu Sani

The Budget document passed on the floor of the senate is similar to what is being considered by the house of representatives and it shows and increase of N508 billion to take it to N9,120, 334,988,225 from the N8.6 trillion presented by Buhari.

President Buhari had on November 7 presented N8.6 trillion budget estimate to the joint session of National Assembly but a report presented to the House by the Committee on Appropriations was raised to N9.1 trillion.

Also jerked-up by the lawmakers is the crude oil benchmark which has been increased from its earlier $45 per barrel to $50.5 per barrel.

The Chairman of the Senate Committee on Media and Public Affairs, Senator Aliyu Sabi-Abdullahi, had on different occasions said the budget would be passed after the report was presented.

The 2018 budget is Nigeria's highest budget estimate ever.

The 2017 budget expires on May 31, 2018.

A debt servicing cost of 2,203,835,365,699 and statutory transfers of 530,421,368,624.

The Senate and the House of Representatives have passed the 2018 budget, raising it by N500 billion. In the last nineteen years of democracy, budgets have always been delayed.

Buhari, who announced the 2018 budget as "Budget of Consolidation" said the projected expenditure is expected to consolidate on the achievements of previous budgets, and deliver on Nigeria's Economic Recovery and Growth Plan (ERGP) for 2018 - 2020.

The Senate attributed the delay to failure of Ministries, Departments, and Agencies (MDAs) to submit details of the budget proposals and refusal to avail themselves before the standing committees to defend their budgets.

The Nigerian Senate, on Wednesday, passed the 2018 Appropriation Bill, six months after its presentation.

" I think it is very clear that the mandate we give to them is one week".