President Buhari Signs 2019 Budget

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President Muhammadu Buhari today signed the 2019 appropriation bill into law.

Presnt at signing ceremony were the Speaker of the House of Representatives, Yakubu Dogara; Chairman of the Senate Committee on Appropriation, Danjuma Goje, the Minister of Budget and National Planning, Udoma Udo-Udoma, and the Senior Special Assistant to the President on National Assembly Matters, Ita Enang.

The highlights of the 2019 budget as approved by the National Assembly include the capital expenditure of N2.09trillion, recurrent expenditure of N4.05trillion, statutory transfers of N502billion, fiscal deficit of N1.9trillion, and special intervention of N500billion.

The lawmakers also approved debt service of N2.25trillion out of the figure; N1.7trillion was approved for domestic debts, while the sum of N433billion was provided for foreign debts.

The budget signing indicates the beginning of the 2019 fiscal calendar implementation.

You will recall that on December 18, 2018, the National Assembly received the president’s budget proposal of N8.83 trillion but following several national holidays, including the general elections, the budget was delayed.

Having undergone several legislative scrutiny; the lawmakers passed the budget of N8.91 trillion, raising it by over N90.3billion on April 30 2019.

The House considered and adopted the report of its committee on appropriation with slight amendments and a clean copy of the bill will now be sent to the president for assent.

 

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