Home NEWS Senate Postpones Debate On, Passage Of 2019 Budget To April 30

Senate Postpones Debate On, Passage Of 2019 Budget To April 30

The Senate has postponed consideration and passage of the 2019 Appropriation Bill to April 30, according to the Senate President, Dr. Bukola Saraki, allow the Senate Committee on Appropriation to distribute copies of the budget to lawmakers to study.

Senator Saraki, who spoke today, Wednesday at the plenary, said: “some members have not got printed copies of the details and I have directed the Clerk to make sure that latest Monday we all have printed copies. This is so that everybody can see the details of the budget, so we can pass it on Tuesday.”

According to the Senate President, the postponement is aimed at avoid a situation where the budget is passed without the lawmakers going through the details with a view for them to making necessary observations.

“So, Clerk, ensure that everybody has copies of the details by Monday so we will pass it on Tuesday.”

The 2019 appropriation bill of N8.83 trillion was presented to the joint session of the Senate and House of Representatives by President Muhammadu Buhari on December 19, 2018.

See also:  N20 Billion Bailout: EFCC Withdraws Suit Against Kogi As It Refunds N19.3 Billion

Debate on the general principles of the bill by the national assembly was delayed due to conduct of the recently concluded general elections. The bill was thereafter laid in plenary on April 17 by the Senate Committee on Appropriation after failing to meet several deadlines for its submission with the hope that it would be passed on April 24.

The 2019 budget estimate is N300 billion lower than the N9.1 billion being implemented for the current fiscal year.

The budget is based on an oil production estimate of 2.3 million barrels per day and an exchange rate of N305 to a dollar.

It is also based on real Gross Domestic Product (GDP) growth rate of 3.01 per cent and inflation rate of 9.98 per cent.

The budget deficit is projected to decrease to N1.86 trillion or 1.3 per cent of the GDP in 2019 from N1.95 trillion projected for 2018 among other projections.

Source: NAN.

Leave a Reply