President Buhari signs 2018 budget into law

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President Muhammadu Buhari has signed into law, the 2018 appropriation bill passed by the National Assembly in May this year.

Signing the document at the Presidential Villa, Abuja on Wednesday, Buhari frowned at the jerking up of the budget amount to N9.12 trillion by the National Assembly.

The president was particular about the injection of N14.5 billion into the National Assembly budget without recourse to the executive.

Buhari was visibly not happy that the budget was passed after seven months of its submission to the legislature.

He said he decided to sign the 2018 Budget in order not to further slowdown the pace of recovery of the economy, which has doubtlessly been affected by the delay in passing the budget.

The president lamented legislature’s injection of a total of N508 billion into the year’s estimate which raised the total planned spending to N9.12 trillion from his original  N8.612 trillion  presented to the National Assembly on November 7, 2017.

He was concerned about the N14.5 billion added to the legislature’s budget which shut their budget up to N139.5 billion from its original  N125 billion budget.

He also wondered why the lawmakers  reduced some amounts from MDAs  capital project amounts as such action he said will hamper the progress of his administration’s Economic Recovery and Growth Plan.

He  revealed plans to recover such reductions through supplementary budgetary requests from the legislature.

The president however lauded success recorded in the implementation of the 2017 Budget saying a total sum of 1.5 trillion Naira was released for the implementation of capital projects during the 2017 fiscal year.

He said government will work hard to generate the revenues required to finance the projects and programmes to achieve the laudable objectives of the 2018 Budget.

 He was optimistic that the positive global oil market outlook, as well as continuing improvement in non-oil revenues, will help government finance the budget.

He also hinted government’s plan to forward a borrowing plan to the National Assembly for the funding of deficits in the budget.

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