Monday, August 15, 2022

Update: National Assembly Increases 2018 budget From N8.6trn To N9.1trn

The National Assembly has increased the 2018 budget. The formally N8.612trillion budget is now N9.120 trillion.

An analysis of the budget which was laid before both the Senate and House of Representatives shows that the sum of N530,421,368,624 is for statutory transfer while N2,203,835,365,699 is for debt service.

The sum of N199 billion is for sinking fund for maturing loans; N3,516,477,902,077 is for recurrent (non debt) expenditure while N2,869,600,351,825 is for development fund capital expenditure.

Deputy Speaker of the House of Representatives, Yusuf Lasun, who presided over today’s session, said the lawmakers will consider and pass the budget on Wednesday or Thursday.

”We will begin the consideration tomorrow (Wednesday) afternoon and pass it but if we are not able to, we will finish on Thursday”.

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