Nigerian Senate has passed 2018 Budget of N9.21 Trillion following the consideration and adoption of the Budget report laid on the floor of the upper legislative chamber Tuesday, six months after it’s presented to a join session of the National Assembly.
The budget, which was submitted November, 2017, showed an increase of N508 billion, making 2018 N9,120, 334,988,225 as against the N8.6 trillion submitted by the president in 2017.
The passage of budget by the National Assembly (Senate and House of Representatives) had failed in two consecutive times: April 24, and the first week of May.
The tension between the legislature and the executive has heightened recently due to calculation and strategies ahead of 2019 General Elections.
The Senate had accused Federal Ministries, Departments and Agencies (MDAs) severally of not not keeping to appointments with the various standing committees to defend their budgets.
What does it mean?
The passage of the budget means government will now be able to execute some of its projects, however the January to December cycle will not be feasible again for the 2018 budget.
Buhari on Nov. 7, 2017 presented a budget of N8.6 trillion before a joint session of the National Assembly, Abuja.
The president who announced the 2018 budget as “Budget of Consolidation”, said the projected expenditure would drive rapid economic recovery.
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 growth.
Why the increase of N508 billion?
We might have seen public outcry of power tussle between the legislature and the executive, but real political negotiations had gone under since the passage of budget failed two consecutive times before today.
The increase simply means the President Buhari team were able to find their way to persuade the lawmakers to put into consideration government’s spending while it was pending before them.