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Senate Passes 2018 Budget Of N9.12tn I The Precision

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President Muhammadu Buhari when he presented the Budget to a Joint Session of the National AssemblyPresident Muhammadu Buhari when he presented the Budget to a Joint Session of the National Assembly


By Ifeanyi Nwoko


The Senate has passed the 2018 Budget of N9.21 Trillion following the
consideration and adoption of the Budget report laid on the floor of
the upper legislative chamber on Tuesday.


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This is coming 6 months afterthe budget document was presented to a joint session of the National Assembly in November.
The Budget document passed on the floor of the senate is similar to
what is being considered by the house of representatives and it shows
and increase of N508 billion to take it to N9,120, 334,988,225 from the
N8.6 trillion presented by Buhari.
The Senate and House of Representatives had promised to pass the budget on April 24, but failed to do so.
There were equally assurances that the budget would be passed in the first week of May but it was not passed.
The Senate had on several occasions accused Ministries, Departments
and Agencies (MDAs) of not keeping to appointments with the various
standing committees to defend their budgets.
Subsequently, the President of the Senate, Dr Bukola Saraki, on April
12, mandated the Appropriation Committee to tidy up reports on the
budget latest by April 13.


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With this development, the January to December budget cycle would not be obtainable with the 2018 budget.
Buhari had on Nov. 7, 2017 presented a budget of N8.6 trillion before  a joint session of the National Assembly.
The president who announced the 2018 budget as “Budget of
Consolidation”, said the projected expenditure would drive rapid
economic recovery.
He said at the session that with a benchmark of 45 dollars per barrel
at an exchange rate of N305 to a dollar in 2018, the budget would
consolidate on the achievements of previous budgets to aggressively
steer the economy to the path of steady growth. (NAN)

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