President Muhammadu Buhari had at
a joint-session of the National Assembly last November laid a budget proposal
of N8,612,236,953,214 (N8.6 trillion) to the lawmakers.
But the red chamber of the
National Assembly inflated the budget by N500 billion.
The Senate passed a budget of
N9,120,334,988,225 trillion.
Buhari had proposed the sum of
two trillion four hundred and twenty eight billion naira (N2.428trn) as the
capital budget, while the sum of three trillion four hundred and ninety four
billion naira (N3.494trn) was proposed for recurrent expenditure.
The President also proposed the
sum of two hundred and twenty billion naira (N220bn) as sinking fund and four
hundred and fifty six billion naira (N456bn) as statutory transfers.
However, the lawmakers increased
the capital budget to two trillion, eight hundred and sixty-nine billion, six
hundred million, three hundred and fifty-one thousand, eight hundred and
twenty-five naira (N2,869,600,351,825), a differential of over N400bn.
They also passed the sum of three
trillion, five hundred and sixteen billion, four hundred and twenty-seven
million, nine hundred and two thousand, seventy-seven naira
(N3,516,477,902,077) for recurrent expenditure in the 2018 budget. This
translates to a differential of N22bn.
The sum of one hundred and ninety
billion naira only (N190bn) is earmarked for sinking fund for maturing loans
while the statutory transfer has the sum of five hundred and thirty billion,
four hundred and twenty-one million three hundred and sixty-eight thousand, six
hundred and twenty-four naira (N530,421,368,624).
In the same vein, the lawmakers
proposed the sum of two trillion, two hundred and three billion, eight hundred
and thirty-four million, three hundred and sixty-five thousand, six hundred and
ninety-nine naira (N2,203,835,365,699) for the services of both local and
foreign debts.
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