Breaking: Senate Passes 2018 Budget

After over six months of deliberations, the national assembly has finally passed the 2018 budget.

This comes a day after the budget report was submitted to both the Senate and House of Representatives allowing the respective appropriation committees to move for its consideration.

President Muhammadu Buhari in November presented to a joint session of the national assembly a proposed sum of N8.6 trillion for 2018.

The president had proposed N3.5 trillion as recurrent (non-debt) expenditure, while N2.4 trillion was earmarked for capital expenditure.

But the lawmakers jacked up the budget by N500 billion, while also increasing the oil benchmark from $45 to $51.

The lawmakers however maintained oil production at 2.3 million barrels per day and exchange rate at N305 to a dollar.

Following the review by the National Assembly, the 2018 budget now has N530 billion for statutory transfers, N2.2 trillion for debt service and N3.5 trillion recurrent expenditure, N2.8 trillion and N1.9 trillion for fiscal deficit.

The budget is specifically targeted at rapid economic growth through massive spending in infrastructural projects.

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