Senate passes 2019 budget, increases it by N86bn – Independent Observers

Senate passes 2019 budget, increases it by N86bn

138 0

By Andy Chukwu

The Senate has passed a sum of N8.916 trillion as estimates for the 2019 budget. This was  is N86 billion higher than the estimated presented by Buhari before a joint session of the national assembly on December 19.

The new budget figure was passed after Danjuma Goje, Chairman, Senate Committee on Appropriations, presented a report on Tuesday.

Goje noted that this is the first time that the Senate would not tamper with key assumptions such as $60 per barrel of crude oil and N305/$ benchmark.

“This is the first time that the benchmark will not be increased,” he said.

Thereafter, the senators voted on the clauses of the Appropriation Bill in the committee of supply.

They also approved a N10 billion intervention fund for Zamfara State following the activities of bandits and kidnappers that have ravaged the state.

Here are key components of the budget as passed by the senators.

Statutory transfer (for the national assembly, National Judicial Council (NJC) and Public Complaint Commission (PCC) among others – N502.58 billion

Debt service (foreign and domestic) – N2.25 trillion

Recurrent expenditure – N4.65 trillion

Capital expenditure – N2.94 trillion

Related Post

Leave a comment

Your email address will not be published. Required fields are marked *