Breaking: House of Reps Pass 2018 Budget
The House of Representatives has passed 2018 Appropriation Bill of N9.12 trillion on Wednesday.
The N9.12 trillion-Budget for the next fiscal year is N410 billion higher than N8.61 trillion appropriated in 2017.
Controversy had trailed the delay in the passage of the bill, with the National Assembly, accusing Ministries, Departments and Agencies (MDAs) of failing to defend their budget proposals.
The delay prompted President Muhammadu Buhari to issue a deadline to heads of all MDAs to defend their budgets immediately.
A breakdown of the budget shows that N530.4 billion is for statutory transfer, N2.20 trillion for debt service and N199 billion for the sinking fund for maturing loans. The sum of N3.51 trillion is allocated to recurrent (non-debt) expenditure, while N2.87 trillion is earmarked for development fund for capital expenditure.
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