“Therefore, on the understanding that we will be submitting the 2018 Budget to the National Assembly by October 2017, the leadership of the National Assembly has committed to working towards the passage of the 2018 Budget into law before the end of 2017.”
The move according to him, was in a bid to have a uniform fiscal year, and align with private sector firms which largely run their financial year between January to December. This would enable all sectors in the economy to plan efficiently. The Vice President’s signing was due to the President travelling out to attend to his health issues.
The legislature eventually passed it in May this year, six months after. Total expenditure was jacked up by ₦508 billion, to ₦9.12 trillion as against the ₦8.612 trillion presented by the President. The crude oil benchmark was raised from $45 to $50.5.