Breaking: Senate passes 2018 Budget of N9.12 trillion
News & Trends •
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 budgets1 the senate has 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 on tuesday1 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 n9120 334988225 from the n8.6 trillion presented by buhari1 the senate and house of representatives had promised to pass the budget on april 24 but failed to do so1 there were equally assurances that the budget would be passed in the first week of may but it was not passed1 this is coming 6 months afterthe budget document was presented to a joint session of the national assembly in november1 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 131 with this development thejanuary to decemberbudget cycle would not be obtainable with the 2018 budget1 buhari had on nov. 7 2017 presented a budget of n8.6 trillion before a joint session of the national assembly1 the president who announced the 2018 budget as budget of consolidation said the projected expenditure would drive rapid economic recovery1 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 growth1