BUHARI TO SIGN 2019 APPROPRIATION BILL ON MONDAY

President Muhammadu Buhari will on Monday, May 27, assent to the 2019 Appropriation Bill passed a month ago by the National Assembly.

The President will be signing the bill after the Children’s Day national broadcast.

The National Assembly had on April 30 passed the 2019 proposed budget with an increase of over N90.3bn which was transmitted to the President 10 days later.  

The N8.826 trillion budget proposal was presented to the National Assembly by President Buhari early December 2018, but was increased to N8.916 trillion.

The deficit was increased from N1.86 trillion as contained in the President’s proposal to N1.908 trillion.

Highlights of the 2019 budget as approved by the National Assembly include, capital expenditure N2.094 trillion; recurrent expenditure N4.055 trillion; statutory transfers N502 billion; fiscal deficit N1.908 trillion; special intervention N500 billion and deficit to GDP 1.37 per cent.

The budget has debt service of N2.254 trillion. Out of this figure, N1.7 trillion was earmarked for domestic debts, N433 billion for foreign debts and N110 billion as sinking fund.