Breaking: President Buhari Signs 2018 Budget Into Law

0
168

President Muhammadu Buhari has finally assented on the 2018 Appropriation bill into law.

He signed the document a few minutes after midday on Wednesday in his office at the Presidential Villa, Abuja.

On his Twitter handle, the president said, “a few minutes past noon today, I signed the 2018 Appropriation Bill into Law.”

Meanwhile, the total budget is N9.1 trillion, up from the N8.6 trillion estimates he submitted to the Assembly on November 7, 2017.

The two chambers of the National Assembly passed the budget on May 16, six months after it was presented by the president.

The Assembly raised the total figure by N500 million.

They also increased the oil benchmark proposed by the executive from $45 to $51 per barrel.

The Assembly, however, retained oil production volume proposed at 2.3 million barrels per day and an exchange rate at N305 to $1.

The budget as passed by the two chambers also has N530.4 billion as statutory transfer; N2.2 trillion for debt service; N1,95 trillion as fiscal deficit.

The passed budget was transmitted to the presidency for assent on May 25 through the Senior Special Assistant to the President on National Assembly (Senate), Ita Enang.

Mr Enang on Wednesday took copies of the budget to the office of the president.

By Augustine Akhilomen

LEAVE A REPLY

Please enter your comment!
Please enter your name here