Nigeria’s presidency confirms receipt of N9.12trn 2018 budget for approval

Ita Enang, the senior special assistant to the Nigeria president on National Assembly Matters, Friday confirmed receipt of the 2018 Appropriation Bill passed by the National Assembly (NASS).

NASS sent the 2018 budget proposal to President Muhammadu Buhari week after the lawmakers approved the country’s biggest yet spending plan of N9.1 trillion ($25 billion).

Enang, in a statement, said he had received the 2018 budget passed by both chambers of the NASS and was set to be transmitted to the president for further action.

“I have received the 2018 Appropriation Bill for onward transmission to the President as soon as possible.
“Since the Appropriation Bill has been received, what is left is for it to be transmitted immediately to the President,” he said.

According to Olu Onemola, an aide to Senate President Bukola Saraki, on Friday said, “The signed copy of the 2018 appropriations bill is now with President Muhammadu Buhari.”

The Senate voted on May 17 to increase spending plans by more than a fifth from the 2017 budget to help boost economic growth less than a year before general elections.

The bill comes six months after being presented to lawmakers by Buhari and is 5.8 percent more than the 8.6 trillion-naira budget proposed in November. The legislators also increased the oil-benchmark price for the budget to $51 per barrel from $45 proposed by Buhari, on the assumption of the crude output of 2.3 million barrels daily and an exchange rate of N305 per dollar.

Buhari will have to sign his approval for the budget to become law.