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Buhari President to sign 2018 Budget next week

Buhari had presented an N8.6 trillion budget but the lawmakers raised the budget by N500 billion.

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President Muhammadu Buhari

(Daily Trust)
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President Muhammadu Buhari is expected to sign the 2018 budget into law next week, the Presidency has said.

The President's spokesman, Femi Adesina, disclosed this to State House correspondents on Wednesday, June 13, but he did not specify the date.

Speaking after the Federal Executive Council (FEC) meeting in Abuja, Adesina said, "we will give you the specific date when it is confirmed."

The National Assembly passed the N9.1 trillion appropriation bill a month ago.

President Buhari appoints new heads for federal agencies play President Muhammadu Buhari (AFP)

 

Buhari had presented an N8.6 trillion budget but the lawmakers raised the budget by N500 billion.

The upper chamber also increased oil benchmark from $45 to $51 per barrel.

ALSO READ: How the delay in passing Nigeria’s 2018 budget will affect business owners

Other highlights of the budget are:

N530,421,368,624 for statutory transfer;

N2,203,835,365,699 for debt service;

N3,512,677,902,077 for recurrent expenditure,

N2,873,400,351,825 for capital expenditure,

Fiscal deficit of N1,954,464,993,775

1.73 percent deficit to GDP.

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