Home News Reps Jack up Buhari’s N8.612 trn Budget to N9.120 trn

Reps Jack up Buhari’s N8.612 trn Budget to N9.120 trn

Reps Jack up Buhari's N8.612 trn Budget to N9.120 trn

JONAS EZIEKE, Abuja

The House of Representatives at plenary yesterday announced an increase on President Muhammadu Buhari’s 2018 Appropriation Bill from N8.612 trillion to N9.120 trrillion and expressed its readiness to pass the budget on Wednesday.

The budget, which was presented by the President on November 7, 2017 to a joint session of the National Assembly was referred to the House Committee on Appropriations on December 5, 2017 for further legislative actions after the debate on the floor for second reading.

Chairman House Committee on Appropriations Hon. Mustapha Dawaki who made the budget presentation urged the House to receive the report on a Bill for an Act to authorize the issue from the Consolidated Revenue Fund of the Federation, the total sum of N9,120,334,988,225 (Nine Trillion, One Hundred and Twenty Billion, Three Hundred and Thirty-Four Million, Nine Hundred and Eighty-Eight Thousand, Two Hundred and Twenty-Five Naira) only.

From the total amount appropriated, he informed the House that the sum of N 530,421,368,624 (Five Hundred and Thirty Billion, Four Hundred and Twenty-One Million, Three Hundred and Sixty-Eight Thousand, Six Hundred and Twenty-Four Naira) only was for Statutory Transfers, while the sum of N2,203,835,365,699 (Two Trillion, Two Hundred and Three Billion, Eight Hundred and Thirty-Five Million, Three Hundred and Sixty-Five Thousand, Six Hundred and Ninety Nine Naira) only was for Debt Service.

Also, that the sum of N190,000,000,000 (One Hundred and Ninety Billion Naira) only is for Sinking Fund for maturing loans, the sum of N3,516,477,902,077 ( Three Trillion, Five Hundred and Sixteen Billion, Four Hundred and Seventy-Seven Million, Nine Hundred and Two Thousand, Seventy Seven Naira) only was for Recurrent (Non-Debt) Expenditure, while the sum of N2,869,600,351,825 (Two Trillion, Eight Hundred and Sixty-Nine Billion, Six Hundred Million, Three Hundred and Fifty- One Thousand, Eight Hundred and Twenty-Five Naira) only, was contribution to the Development Fund for Capital Expenditure (Exclusive of Capital Expenditure in Statutory Transfers) for the year ending on the 31st December, 2018.

While receiving the report, the Presiding Officer and Deputy Speaker, Hon.Sulaimon Lasun, directed the lawmakers to pick up copies of the budget preparatory for passages.He said “Members should pick up copies of the budget tomorrow (Wednesday) morning and we will pass the budget later in the afternoon. If we are not able to finish, we will continue on Thursday. ”

Lasun stressed that they ought to pass the budget before adjourning on Thursday to enable members of the House participate in the forthcoming Congress of the ruling All Progressives Congress (APC).

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