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Breaking News: Senate Approves 2019 Budget

Tuesday 30 April 2019

The 2019 8.96trillion naira budget has been passed and approved by the Nigerian Senate after the third reading.

According to reports, the budget passed was N86 billion higher than the proposal of N8.83 trillion presented by President Muhammadu Buhari to the National Assembly for the 2019 fiscal year.

The budget was passed after the senate committee on Appropriations led by Senator Danjuma Goje presented their findings to the floor.

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In the budget, statutory transfer is is N502.58 billion, N2.25 trillion is budgeted for debt servicing, while  N4.65 trillion is earmarked for recurrent expenditure and N2.94 trillion is earmarked for capital expenditure.

The bill was then read the third time and passed by the lawmakers.

While reacting to the passage if the bill, Senate President, Dr Bukola Saraki commended his colleagues and urged the executive to ensure implementation of the budget.

He said, “I want to thank our colleagues, particularly for their understanding and for us to be able to meet today’s deadline in passing the bill and (I) thank the Committee on Appropriation too.”

“I hope that with this budget passed, the Executive will also ensure the full implementation of the budget for the benefit of Nigerians as a whole,” Senator Saraki added

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