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Home Economy Budget

President Buhari signs 2018 budget

Onome Ohwovoriole by Onome Ohwovoriole
June 20, 2018
in Budget, Business News, Politics, Spotlight
President Buhari signing 2019 Budget, List of President Buhari's Cabinets, Ministries Departments and Agencies of Nigeria

President Buhari signing Budget

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President Muhammadu Buhari, today, signed the 2018 budget into law. The budget was submitted in November last year, and passed on May 25, 2018, by the National Assembly.

A few minutes past noon today, I signed the 2018 Appropriation Bill into Law. #Budget2018 pic.twitter.com/zQfE5BTPol

— Muhammadu Buhari (@MBuhari) June 20, 2018

https://platform.twitter.com/widgets.js

Senate President Bukola Saraki and Speaker House of Representatives Yakubu Dogara where absent, but sent representatives.

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Promise failed

The late passage of the budget, six months into 2018 means the government has been unable to fulfill its promise to keep to a regular fiscal calendar.

Vice President Yemi Osinbanjo while signing the 2017 budget on June  12, 2017, had stated that the 2018 budget would be passed before the end of the year.

“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.

President Buhari submitted the budget to the National Assembly in November, 2017. The passage was shifted to March next year due to the inability of several Ministries, Departments and Agencies (MDAs) to present their budgets.

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.

The President submitted the 2016 budget to the legislature on the 22nd of December, 2015. He signed the budget on May 2, 2016.


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Tags: 2018 BudgetNigerian 2018 BudgetOn the MoneyPresident Muhammadu Buhari
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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