17 April 2019

Nigeria: Senate Receives 2019 Budget Report

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(file photo).

The Senate Committee on Appropriation has laid its report on the 2019 Appropriation Bill.

The report was laid before the whole house by the chairman of the committee, Danjuma Goje, on Wednesday.

Last week, Senate President Bukola Saraki mandated the committee to ensure that the report was ready.

The report will be considered by the lawmakers after the Easter break as the lawmakers adjourned till Wednesday, April 24.

The N8.83 trillion budget was presented to a joint session of the National Assembly by President Muhammadu Buhari on December 19, 2018.

The proposed budget shows that about a quarter of the sum (N2.14 trillion) will be used for debt servicing while capital expenditure is expected to gulp N2.031 trillion.

A further breakdown shows that proposed recurrent expenditure is N4.04 trillion, the statutory transfer is N492.36 billion. There is a sinking fund of N120 billion, while capital expenditure is N2.031 trillion.

The budget was prepared on the assumption of $60 per barrel of crude oil with a production of 2.3 million barrels per day. The exchange rate is assumed at N305 to $1.

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