Nigeria’s president Muhammadu Buhari signed the country’s 2018 budget into law last week Wednesday, making it the latest the Nigerian yearly budget has ever been signed. The N9.12 trillion budget was signed on the 171st day of the year, just a few days before mid-point of the Nigerian government fiscal year of January to December. This year’s budget is 22.6 percent higher than the 2017 budget, on a benchmark oil price of $45 per barrel.
The 2018 budget was presented to Nigeria’s National Assembly in November 2017 by the president. However, it took the House of Assembly six months to sign the budget appropriation bill. The Nigerian senate also increased the budget by N508 billion, increasing its own allocation in the budget by N14.5 billion, while removing N347 billion in the allocations for more than 4,000 projects across Nigeria, many for the country’s social infrastructures. The House of Assembly introduced 6,403 projects amounting to N578 billion.
The Nigerian senate has been criticized for removing projects and adding some of its programmes, with many questioning the legality of doing that. The Nigerian federal government also criticized the National assembly for the delay and the re-direction of budget allocations, and promised to “to Click here to read entire article
Source:: Ventures Africa