Breaking: Senate Passes 2018 Budget After 6 Months Of Standoff

Related stories

Tinubu Names IBB’s Son, Top Experts to Lead Key Nigerian Agencies

By Abiola Olawale President Bola Ahmed Tinubu has appointed Muhammad...

2027: Labour Party Appoints Nenadi Usman as Interim National Chairperson 

By Abiola Olawale  Ahead of the 2027 general elections, the...

By ‘Dotun Akintomide

After six months of bitter logjam with the executive arm, the Senate has finally 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 Tuesday.

The 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.

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.

'Dotun Akintomide
'Dotun Akintomide
'Dotun Akintomide's journalism works intersect business, environment, politics and developmental issues. Among a number of local and international publications, his work has appeared in the New York Times. He's a winner of the National Youth Service Corps (NYSC) Award. Currently, the Online Editor at The New Diplomat, Akintomide has produced reports that uniquely spoke to Nigeria's experience on Climate Change issues. When Akintomide is not writing, volunteering or working on a media project, you can find him seeing beautiful sites like the sandy beaches that bedecked the Lagos coastline.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
Drama as Okpebholo Tells Peter Obi: Notify me Before Visiting Edo or Else I Can't Guarantee Your SecurityTrump Vows to Sue Rupert Murdoch as Epstein Report Opens New Rift in Their RelationshipTinubu Names IBB’s Son, Top Experts to Lead Key Nigerian Agencies2027: Labour Party Appoints Nenadi Usman as Interim National Chairperson Alleged $9.6 Billion P&ID Fraud: Fleeing Briton’s Surety Arrested, Produced In CourtWhy Oil Prices Could See a Significant Upside ShiftPresidency Announces Gov Umo Eno as APC Leader in Akwa Ibom, Sparks ReactionsBreakdown of Buhari’s Family EntitlementsThaksin touts golden visa, higher travel fees to boost ThailandDangote Refinery Halts Fuel Discount Program Over Alleged Marketers Fraud2027: Intrigues as PDP Confirms Move to Bring Peter Obi Back After Atiku’s DepartureAre You Pregnant? By Johnson Babalola2027: Buhari’s exit Cripples APC in entire North as CPC Loyalists Defect in Large NumbersDrama as 16, 17-year-olds Now Allowed to Vote In UK ElectionsSenate passes $9 billion in spending cuts to public broadcasting, foreign aid requested by Trump
X whatsapp