The National Assembly will today transmit the harmonised 2018 Budget to President Muhammadu Buhari for assent.
The Senate President, Bukola Saraki disclosed this to State House Correspondents after breaking his Ramadan fast with President Buhari, Thursday night at the Presidential Villa Abuja.
Both chambers of the Assembly had on May 16, 2018 approved the budget estimates submitted by Buhari on November 7, 2017.
The lawmakers also raised the total figure from N8.6 trillion to N9.1 trillion, six months after it was presented.
The 2018 budget was prepared when crude oil price was hinged at $45/barrel, but passed when prices have risen closer to $80/barrel, prompting the National Assembly to peg the new crude benchmark at $60/barrel. Besides, the lawmakers retained the 2.2mpd oil output saying it is workable given that we’ve enjoyed some stability in output.
Prof Uche Uwaleke, Dean of Economic Department at Nasarawa State University said the raise was quite realistic given recent market and industry trends.
He however expressed fears over implementation of capital project in the budget as it has almost run half of its cycle without been assented to by President Muhammadu Buhari. “
Again, we’ve recorded some improvement in non-oil revenue generation like VAIDS. So the jerk up was justifiable and in the N9.1 trillion budget, there is bigger provision for debt servicing and capital expenditure. The country can accommodate this new budget proposal and we can look at how we can cut down on deficit,” he explained.
Uwaleke, however, expressed fears that the jerk up may attract further delays in having it passed because the executive arm of the government will likely want to scrutinise the job done by the lawmakers.