“Why Buhari May Not Sign 2018 Budget” – Minister, Udoma Explains
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May 22, 2018 ( Post 1 )
Minister of Budget and National Planning, Senator Udoma Udo Udoma, has hinted that President Muhammadu Buhari might not assent to the 2018 budget recently raised to N9.1 trillion by the National Assembly with additional N501 billion.
Special Adviser on Media to the Minister, Akpandem James, speaking to Sun said the N501 billion addition by the legislature might not be feasible.
Udoma said the National Assembly would have to tell Nigerians if they have discovered another revenue stream unknown to the Federal Government to cover the raise.
“When we see the details, we will be in a better position to know how they came about it.
“We will see if they have discovered another revenue stream, which we were not aware of, or just relying on increased crude oil price,” he said.
The senate increased the appropriation bill from the N8.612 trillion proposed by President Buhari, to N9.12 trillion. The crude oil benchmark price of the budget was also increased from $45 to $50.5.
According to the document laid at the House on Tuesday, N530,421,368,624 was proposed for statutory transfer; N2,869,600,351,825 for development fund for capital expenditure; N3,516,477,902,077 for recurrent (non debt) expenditure while N2,203,835,365,699 is for debt service; and N199bn for sinking fund for maturing loan.
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