Published On: Thu, Jun 21st, 2018

Buhari Signs N9.12 Trillion Money Bill, Laments NASS’ Cut In Budget 2018

Share This
Tags

By Sadiq Umar – President Muhammadu Buhari on Wednesday lamented the reduction of capital allocations in the 2018 budget by the National Assembly, even as the president signed into law a sum of N9.12 trillion appropriated for the 2018 fiscal year.

The Federal Executive Council (FEC) had on Oct. 26, 2017 approved the 2018 draft budget of N8.612 trillion but NASS increased the budget from N8.612 trillion earlier proposed to N9.12 trillion.

Mr. Buhari, however, said he seeks to remedy some of the most critical of these reductions through a supplementary and or amendment budget with the hope that the National Assembly will consider expeditiously.

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

“I am pleased with the success recorded in the implementation of the 2017 Budget.  A total sum of 1.5 trillion Naira has been released for the implementation of capital projects during the 2017 fiscal year.  In response to this and other policy measures implemented, we have observed significant improvement in the performance of the Nigerian economy,” Mr. Buhari said Wednesday while signing the budget.

“To achieve the laudable objectives of the 2018 Budget, we will work very hard to generate the revenues required to finance our projects and programmes.  The positive global oil market outlook, as well as continuing improvement in non-oil revenues, make us optimistic about our ability to finance the budget.

Mr. Buhari noted with concern that the National Assembly made cuts amounting to N347 billion in the allocations to 4,700 projects submitted to them for consideration and introduced 6,403 projects of their own amounting to N578 billion.

The President said “many of the projects cut are critical and may be difficult, if not impossible, to implement with the reduced allocation.  Some of the new projects inserted by the National Assembly have not been properly conceptualised, designed and costed and will therefore be difficult to execute.

“Furthermore, many of these new projects introduced by NASS have been added to the budgets of most MDAs with no consideration for institutional capacity to execute them or the incremental recurrent expenditure that may be required.

“As it is, some of these projects relate to matters that are the responsibility of states and local governments, and for which the Federal Government should therefore not be unduly burdened.’’

The President pointed out that another area of concern was the increase in the provisions for Statutory Transfers by an aggregate of N73.96 billion by NASS.

According to him, most of the increases are for recurrent expenditure at a time when the administration is trying to keep down the cost of governance.

He said: “an example of this increase is the budget of the National Assembly itself, increased by N14.5 billion from N125 billion to N139.5 billion without any discussion with the Executive.’’

The President, however, thanked the leadership of NASS, particularly the Senate President and the Speaker of the House of Representatives, Senators and members for passing the 2018 Appropriation Bill after seven months.

About the Author

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>