President Muhammadu Buhari’s decision to carry out a thorough review of the 2018 budget has led to the delay in signing the Appropriation Bill, recently passed by the National Assembly.
The National Assembly had raised the budget to N9,120, 334,988,225 from the N8.6 trillion presented by President Muhammadu Buhari, showing an increase of N508 billion.
Minister of Budget and National Planning, Udoma Udo Udoma, spoke at the Presidential Villa after meeting with President Buhari on Monday.
Buhari had on Nov. 7, 2017 presented the N8.6 trillion “Budget of Consolidation”, to a joint session of the National Assembly.
According to Udoma, “The President is currently reviewing the budget and as you know, we have a minimum window of 30 days”
On when the budget will be signed, he said” the President is currently reviewing it and as soon as he is through, he will sign it. That is what l can tell you for now”
After six months delay, the National Assembly finally passed the N9.120 trillion and fiscal deficit of N1.955 trillion or 1.73 percent to GDP.
The amount represents an increase of N580 billion above the N8.612 trillion proposal submitted by President Muhammadu Buhari to the joint session of the National Assembly on the 7th November, 2017.
The 2018 appropriation bill, the largest in the nation’s history, was premised on key revenue assumptions of oil price benchmark of $51 (an increase of $6 above the $45 proposed by the Presidency); but retains 2.3 million barrels per day and exchange rate of N305/$1USD.
