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House Passes the 2018 Appropriation Bill

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The House of Representatives at its plenary session of Wednesday, May 16th 2018 passed the 2018 Appropriation Bill. The Bill seeks to authorize the sum of ₦9,120,334,988,225 (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 from the Consolidated Revenue Fund.
Presenting the report, Chairman House Committee on Appropriations, Hon. Mustapha Bala Dawaki (APC: Kano) stated that the Bill contained anticipated estimates of revenue and expenditure for the year ending 31st December 2018.
Highlights of the Bill include:
Aggregate Expenditure – 9,120,334,988,225
Statutory Transfers – 530, 421, 368,624
Debt Service – 2, 013, 835, 365, 699
Recurrent Expenditure – 3, 512,677, 902,077
Capital Expenditure – 2,873,400,351,825
Fiscal Deficit – 1,954,464,993,775
Deficit to GDP – -1.73%
Other notable provisions mentioned included provisions for some special interventions, including:
N 55.150 bn to the National health Act to accelerate and achieve the Federal Government’s healthcare programs.
N 33.981bn to the Niger Delta Development Commission.
N 12bn to the newly established universities.
N 43.5bn to Federal Roads.
Hon. Dawaki said the 2018 national budget process was commendable as it was inclusive as he recalled that the Joint Committees on Appropriations of the Senate and the House of Representatives had held a 2-day public hearing on the budget. The public hearing was for the purpose of engaging the public and gaining wide perspectives from various sectors. This was also in line with the commitment of the National Assembly to make the budget process an open, inclusive and participatory activity.
Hon. Dawaki also mentioned that the Revenue Assumption for the 2018 Proposals had projected an oil benchmark of $45 crude oil production at 2.3mbpd and based on an exchange rate of N305 to $1,but the committee premised the expenditure on the following key revenue assumptions: $51 as the benchmark price of crude oil, 2.3mpb/d as the crude oil production and $305 as the exchange rate approved by the National Assembly.
In the consideration of the House Committee on Appropriations Report on the 2018 Appropriation Bill, two changes were made namely the alteration of clause 1 to delete 31 December 2018 and include 12 months from the day it is assented into law and also clause 10 on Foreign Loans so they can be legislated on by the National Assembly. In view of the amendments the House constituted a conference committee to harmonise with the Senate.

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