Nigeria’s President Muhammadu Buhari Monday signed the country’s budget of N8.826 trillion.
The spending plan was approved by the two chambers of the national assembly and was passed to the presidency on April 30, 2019.
Here are important facts about the 2019 budget:
The 2019 budget is signed 24 days earlier than 2018 budget which was signed on June 20, 2018.
The president presented N8.826 trillion to the national assembly on December 19, 2018.
The national assembly increased the budget by N90 billion – from N8.826 trillion to N8.92 trillion.
The 2019 budget of 8.92 trillion is about two hundred billion lower that than of 2018 budget.
It took the national assembly 4 months to pass it. It was sent back to the president on April 30, 2019.
The deficit of N1.86 trillion proposed by Buhari was also increased to N1.908 trillion.
The budget has a capital expenditure (roads, hospitals, schools, and other infrastructure) of N2.094 trillion.
Of the N2.094 trillion capital expenditure, the federal ministry of power, works and housing has the highest allocation of N394.906 billion followed by the Transportation Ministry which got N179.384.
Other key components of the budget:
Recurrent expenditure of N4.055 trillion
Statutory transfers of N502 billion
Fiscal deficit of N1.908 trillion (1.37%)
Special intervention fund of N500 billion
Deficit to GDP of 1.37percent.
N10 billion was budgeted as federal government intervention fund for victims of bandits attack in Zamfara State
N23 billion was budgeted for payment of severance package for members of the national assembly; allowances for incoming legislators and their legislative aides.
N66 billion increments in the budgetary allocations of key security and defence institutions, including the army, navy, air force and the police.