Though President Muhammadu Buhari, Monday, signed the 2019 Appropriation Bill into law, he frowned at an increase of more than N90 billion budget by the National Assembly.
Buhari had on December 18, 2018 earlier proposed a budget of N8.83 trillion to the National Assembly, but the passage was delayed due to events such as the Christmas and New Year breaks as well as the general elections.
The Senate and the House of Representatives had on Tuesday, May 2 passed the 2019 Appropriation Bill into law after it had undergone a third reading with slight amendments.
The N8.916 trillion budget was N86 billion higher than the proposal of N8.83 trillion presented by Buhari to the National Assembly for the 2019 fiscal year.
Buhari also said that the reduction of the budgetary allocations by the National Assembly would make it difficult for the government to implements its projects targeted at diversifying the economy.
The President said he will engage with the leadership of the Ninth Assembly whenever it emerges on the concerns of the executive on budget.
Highlights of the 2019 budget as approved by the National Assembly include the capital expenditure of N2.09 trillion, recurrent expenditure of N4.05 trillion, statutory transfers of N502 billion, fiscal deficit of N1.9 trillion, and special intervention of N500 billion.
The lawmakers also approved debt service of N2.25 trillion out of the figure, N1.7 trillion was approved for domestic debts, while the sum of N433 billion was provided for foreign debts.
Present at the ceremony were Bukola Saraki, the Senate President, who entered after the President had signed the budget; Yakubu Dogara, the Speaker of the House of Representatives; Ike Ekweremadu, Deputy Senate President; Danjuma Goje, the Chairman of the Senate Committee on Appropriation; Udoma Udo Udoma, the Minister of Budget and National Planning, and Mr. Ita Enang, the Senior Special Assistant on National Assembly matters.
Also at the ceremony were Zainab Ahmed, the Minister of Finance; Lai Mohammed, Minister of Information; Godwin Emefiele, Governor of the Central Bank of Nigeria; Abba Kyari, Chief of Staff, and Boss Mustapha, Secretary to the Government of the Federation.
