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National Assembly Raises 2018 Budget to N9.12tr, Allots N2.2tr to Service Debt

By Dipo Olowookere

The total value of the 2018 budget has been increased by the National Assembly to N9.120 trillion from N8.612 trillion, Business Post has learned.

In November 2017, President Muhammadu Buhari presented the budget of N8.612 trillion to the parliament for passage.

But details of the 2018 appropriation bill submitted today for consideration showed that the amount has been raised to N9.12 trillion.

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Business Post gathered that the budget contains N3.5 trillion for recurrent (non-debt) expenditure, N2.9 trillion is earmarked for development fund for capital expenditure, N2.2 trillion for debt servicing, N530.4 billion for statutory transfer and N190 billion for sinking fund for maturing loans.

Report of the 2018 Appropriation Bill was laid today at the Senate by Chairman of the Senate Committee on Appropriations, Mr Danjuma Goje.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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