NATIONAL ASSEMBLY PASSES 2018 BUDGET
Other areas are; education, N15.7 billion, Judiciary, N10 billion and Niger Delta Development Commission (NDDC), N44.20billion. He also added that the increment will allow for a N50.88 billion deficit reduction.
The Senate in the final breakdown, passed a 2018 budget of N9, 120, 334, 988, 225 of which N530, 421, 368, 624 is for statutory transfers as against N456, 458, 654, 074 proposed by the executive.
N2, 203, 835, 365, 699 was budgeted for debt service as proposed while N190, 000, 000, 000 was budgeted for sinking fund for maturing loans.
N3, 512, 677, 902, 077 was earmarked for recurrent (non-debt) expenditure with a slight increment from N3, 494, 277, 820, 219 proposed and N2, 873, 400, 351, 825 was budgeted for capital expenditure as against N2, 427, 665, 113, 222.
The budget will have a fiscal deficit of N1, 954, 464, 993, 775 and a deficit to GDP of -1.73 per cent. House of Representatives
Penpushing reports that, at the House of Representatives, the appropriations committee also presented its report.
Of the total, N530billion is for statutory transfers; N2 trillion for debt service; N2 trillion for sinking fund for maturing bonds and N2 trillion for recurrent (non-debt) expenditure. Capital expenditure is N2.8 trillion. According to the report, eight establishments are to get their allocations on first line charge.
These are N110 billion for statutory transfer to the National Judicial Council, N81 billion to the Niger-Delta Development Commission, N34 billion as part payment to NDDC Outstanding Liabilities on Federal Government of Nigeria, N109 billion for Universal Basic Education, N139 billion for National Assembly and N7 billion for Public Compliant Commission.
Others are N45 billion for Independent National Electoral Commission and N3 billion for National Human Rights Commission.