President Muhammadu Buhari on Tuesday presented the 2018 Appropriation Bill of N8.6 trillion to a joint session of the National Assembly.
The budget has a 30 per cent increment over that of 2017 which was N7.298 trillion.
Speaking during the presentation attended by members of the Federal Executive Council (FEC), the President said: “The 2018 budget will consolidate on the previous budgets to actualise the economic growth recovery plan of this administration. 2018 is expected to be a year of positive and better outcomes.”
Buhari said the budget made provision for the oversight and governance expenditure for the clean-up of Ogoni land in Rivers State.
He lamented the challenges being faced in the power sector but noted that “it still remains a work in progress.”
Buhari enjoined the National Assembly to expedite action on the Bill.
Senate President Bukola Saraki, in his address, said the presentation of the budget earlier than December “is a welcome development”, pledging early passage of the budget.
Speaking on the need for the diversification of the economy, Saraki said: “We must grow our economy away from oil as well as the need to increase non-oil revenue generation and collection. We must reassess the relationship between oil and our economy. Oil prices are gradually inching up, but that is no reason for complacency.”
Saraki also said the implementation of the budget must anchor on the #MadeInNigeria project, assuring that the National Assembly will work with the Executive team to bring out the best out of the budget.
The document, which is the third one presented by the President after his inauguration in May 2015, contains financial estimates of revenue and expenditure of the federation for the coming year, 2018.
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