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Nairametrics
Home Business News

Senate moves passage of 2018 budget to next year

Onome Ohwovoriole by Onome Ohwovoriole
December 20, 2017
in Business News
Senate moves passage of 2018 budget to next year
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The Senate has pushed the passage of the 2018 budget to March next year. The move throws a spanner in the government’s bid to regularize the budget process. President Muhammadu Buhari had last month presented the 2018 budget to the National Assembly.

Vice President Yemi Osinbanjo had while signing the 2017 budget into law, had promised that the 2018 budget would be passed before the end of the year.

Why has the Senate taken this step ?

Senate President Bukola Saraki criticized members of the executive for their shoddy attitude by travelling at this time.

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 “Truly, it is very disheartening and disappointing because we know how much we have put into the budget process. How can anybody who is responsible travel at this period when the budget defence is ongoing?

Several Ministries, Departments and Agencies  (MDAs) are also yet to defend their budget.

The infamous budget padding scandal has also come up again in the Ministry of Power Works and Housing. In the budget proposals, the Senator Enyinnaya Abaribe, PDP, Abia South-led Senate Committee on Power, Steel Development and Metallurgy, discovered that N120 million, N480 million and N288 million respectively, were budgeted for the purchase of utility vehicles by the ministry headed by the Minister of Power, Works and Housing, Mr. Babatunde Fashola.

The Ministry also earmarked N100 million for transferring of files, despite provision for ICT services.

Implications of the Senate’s action

The late passage of the budget means the government will be unable to fulfill its promise of running a proper fiscal calendar. The House of Representatives may also toe the same line with the Senate.

Old habits die hard

The executive appears not to have learnt its lessons from previous budget proposals. One would expect that the various ministries would go through their budgets with an eagle eye before sending to the National Assembly.


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Tags: 2018 BudgetNews ReviewNigerian Senate
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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