BREAKING: PMB signs 2019 budget
President Muhammadu Buhari on Monday gave his assent to the 2019 appropriation bill.
The assent of the President has officially made the bill become law and signal the commencement of the 2019 fiscal budget.
Recall that when the bill was presented by the President to the National Assembly, the sum of N8.83tn was proposed.
It was made up of N4.04tn for recurrent expenditure, N2.03tn for capital expenditure and N2.14tn for debt servicing, among others.
However, after undergoing legislative scrutiny, the lawmakers on April 30 passed the 2019 budget of N8.91tn, raising it by over N90.3bn.
Highlights of the 2019 budget as approved by the National Assembly include the capital expenditure of N2.09tn, recurrent expenditure of N4.05tn, statutory transfers of N502bn, fiscal deficit of N1.9tn, and special intervention of N500bn.
The lawmakers also approved debt service of N2.25tn. Out of the figure, N1.7tn was approved for domestic debts, while the sum of N433bn was provided for foreign debts.
Similarly, the sum of N110bn was approved for a sinking fund to retire maturing debt obligations.
In recent times, there had been a delay in the passage and signing of the Federal Government budget due to disagreements between the executive and the National Assembly.
As a result of the power tussle between the executive and the legislature, the budget implementation had always commenced very late into the year.
For instance, the 2011 budget was passed on March 25, 2011, while that of 2012 was passed on March 14 of that same year.
For the 2013 budget, it was passed by the lawmakers on December 20, 2012, and signed into law by former President Goodluck Jonathan in February 2013 while 2014, 2015 and 2016 budgets were also signed in May of each year.
The 2017 budget, which was submitted to the lawmakers in December 2016, was not passed and assented to until June 2017.
The 2018 budget, which was designed to consolidate on the Economic Recovery and Growth Plan, was presented to the National Assembly on November 7, 2017.
It was passed by the lawmakers on May 16, transmitted to Buhari on May 25 and assented by him on June 20.
BREAKING: PMB signs 2019 budget
President Muhammadu Buhari on Monday gave his assent to the 2019 appropriation bill.
The assent of the President has officially made the bill become law and signal the commencement of the 2019 fiscal budget.
Recall that when the bill was presented by the President to the National Assembly, the sum of N8.83tn was proposed.
It was made up of N4.04tn for recurrent expenditure, N2.03tn for capital expenditure and N2.14tn for debt servicing, among others.
However, after undergoing legislative scrutiny, the lawmakers on April 30 passed the 2019 budget of N8.91tn, raising it by over N90.3bn.
Highlights of the 2019 budget as approved by the National Assembly include the capital expenditure of N2.09tn, recurrent expenditure of N4.05tn, statutory transfers of N502bn, fiscal deficit of N1.9tn, and special intervention of N500bn.
The lawmakers also approved debt service of N2.25tn. Out of the figure, N1.7tn was approved for domestic debts, while the sum of N433bn was provided for foreign debts.
Similarly, the sum of N110bn was approved for a sinking fund to retire maturing debt obligations.
In recent times, there had been a delay in the passage and signing of the Federal Government budget due to disagreements between the executive and the National Assembly.
As a result of the power tussle between the executive and the legislature, the budget implementation had always commenced very late into the year.
For instance, the 2011 budget was passed on March 25, 2011, while that of 2012 was passed on March 14 of that same year.
For the 2013 budget, it was passed by the lawmakers on December 20, 2012, and signed into law by former President Goodluck Jonathan in February 2013 while 2014, 2015 and 2016 budgets were also signed in May of each year.
The 2017 budget, which was submitted to the lawmakers in December 2016, was not passed and assented to until June 2017.
The 2018 budget, which was designed to consolidate on the Economic Recovery and Growth Plan, was presented to the National Assembly on November 7, 2017.
It was passed by the lawmakers on May 16, transmitted to Buhari on May 25 and assented by him on June 20.
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