THE House of Representatives on Tuesday, announced an increase on President Muhammadu Buhari’s 2018 Appropriation Bill from N8.6 trillion to N9.1 trillion.
President Buhari had on November 7 presented N8.6 trillion budget estimate to the joint session of National Assembly but a report presented to the House by the Committee on Appropriations was raised to N9.1 trillion.
The House committee chairman on Appropriation, Honourable Mustapha Dawaki, who presented the report urged the House to receive the report on a Bill for an Act to authorize the issue from the Consolidated Revenue Fund of the Federation, the total sum of N9,120,334,988,225 (Nine Trillion, One Hundred and Twenty Billion, Three Hundred and Thirty-Four Million, Nine Hundred and Eighty-Eight Thousand, Two Hundred and Twenty-Five Naira) only.
According to him, “From the total amount appropriated, he told the House that the sum of N 530,421,368,624 (Five Hundred and Thirty Billion, Four Hundred and Twenty-One Million, Three Hundred and Sixty-Eight Thousand, Six Hundred and Twenty-Four Naira) only was for Statutory Transfers, while the sum of N2,203,835,365,699 (Two Trillion, Two Hundred and Three Billion, Eight Hundred and Thirty-Five Million, Three Hundred and Sixty-Five Thousand, Six Hundred and Ninety Nine Naira) only was for Debt Service.
He added, that ” the sum of N190,000,000,000 (One Hundred and Ninety Billion Naira) only is for Sinking Fund for maturing loans, the sum of N3,516,477,902,077 ( Three Trillion, Five Hundred and Sixteen Billion, Four Hundred and Seventy-Seven Million, Nine Hundred and Two Thousand, Seventy Seven Naira) only was for Recurrent (Non-Debt) Expenditure, while the sum of N2,869,600,351,825 (Two Trillion, Eight Hundred and Sixty-Nine Billion, Six Hundred Million, Three Hundred and Fifty- One Thousand, Eight Hundred and Twenty-Five Naira) only, was contribution to the Development Fund for Capital Expenditure (Exclusive of Capital Expenditure in Statutory Transfers) for the year ending on the 31st December, 2018″.
However, the Deputy Speaker, Honourable Lasun Yusuf, who presided over the plenary session advised members to pick up copies of the budget, noting that the House would have to pass the budget before adjourning on Thursday to enable the All Progressives Congress (APC) members participate in the forthcoming Congress of the party.
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