President Muhammadu Buhari has finally presented the 2019 proposed budget of N8.83 trillion to a joint session of the National Assembly in Abuja today. The underlying assumptions of the 2019 Appropriation bill are: an oil price benchmark of $60 per barrel, exchange rate of N306 to a dollar and daily crude oil production of 2.3 million barrels.
The partisan legislators, depending on their political leanings, proaised and heckled the president while he was presenting the proposal to them.
While some opposition lawmakers carried placards saying no to another term for the president, the APC lawmakers shouted Sai Baba! throughout his presentation.
Meanwhile, a breakdown of the budget proposal shows that the sum of N2.14 trillion will be used for debt servicing while capital expenditure is expected to gulp N2.031 trillion. Recurrent expenditure is N4.04 trillion, statutory transfer is N492.36 billion, while provision is made for a sinking fund of N120 billion.
Online reports indicate that there were skirmishes and arguments between the lawmakers belonging to the president’s party and those of the opposition. The development led to the abortion of the speeches expected to be delivered by the Senate President and the Speaker of the House of Representatives.
