N’Assembly finally passes 2019 budget, increases it by N86bn

The senate has passed a sum of N8.916 trillion as estimates for the 2019 budget as against N8.83 trillion earlier proposed by President Muhammadu Buhari.

The new budget figure was passed after Danjuma Goje, chairman senate committee on appropriations, presented a report on Tuesday.

The figure is N86 billion higher than the estimated presented by Buhari before a joint session of the national assembly on December 19.

The chairman noted that this is the first time that the senate would not tamper with key assumptions such as $60 per barrel of crude oil and N305/$ benchmark.

“This is the first time that the benchmark will not be increased,” he said.

Thereafter, the senators voted on the clauses of the appropriation bill in the committee of supply.

They also approved a N10 billion intervention fund for Zamfara following the activities of bandits and kidnappers that have ravaged the state.

Here are key components of the budget as passed by the senators.

• Statutory transfer (for the national assembly, National Judicial Council (NJC) and Public Complaint Commission (PCC) among others – N502.58 billion
• Debt service (foreign and domestic) – N2.25 trillion
• Recurrent expenditure – N4.65 trillion
• Capital expenditure – N2.94 trillion