N’Assembly passes Buhari’s N7.44tn ‘Budget of Recovery and Growth’

The National Assembly has passed the 2017 budget into law.

The Senate passed this year’s appropriation act through third reading on Thursday, May 11, 2017.

Earlier, the 2017 appropriation act passed through third reading at the House of Representatives.

President Muhammadu Buhari submitted the appropriation bill christened ‘Budget of Recovery and Growth’ on December 14, 2017.

The Senate committee on appropriation chaired by Senator Danjuma Gojefailed to submit its report on Thursday, May 9, 2017 – a day before the expiration of the 2016 budget.

recalls that Senator Goje had alleged that the Police hijacked part of the 2017 budget during a raid of his residential apartment in April.

The joint committee on appropriation finally submitted the document to the Senate at plenary on Tuesday, May 9, 2017.

The report indicated that the committee increased the budget to N7.44tn, representing an addition of about N143bn to the one presented by President Buhari.

According to the document, N434.4bn is for statutory transfer, N1.84tn for debt servicing and N177.46bn is for sinking fund for maturing bonds.

Also, N2.99tn was appropriated for recurrent (Non-Debt) expenditure, while N2.17tn was provided for contribution to the development fund for Capital Expenditure.

Deputy Senate President, Ike Ekweremadu urged the executive to ensure speedy assent and implementation of the 2017 budget.

Senate leader, Ahmed Lawan noted that the 2016 budget performance was far better than that of the previous year by over 10 per cent.

Lawan noted that if implemented, the budget would meets its aim of economic recovery and growth.

He called on the National Assembly to ensure effective and close oversight of the projects contained in the 2017 budget.

Minority leader, Senator Godswill Akpabio called for equal implementation of the budget across all states of

the country.