In November, President Muhammadu Buhari presented to a joint session of the national assembly a proposed sum of N8.6 trillion for 2018.
Shehu Sani, Senator representing Kaduna Central at the National Assembly, has revealed why the National Assembly chose to add N500 billion to the 2018 Appropriation Bill.
Strong indications, however, emerged that the budget will be passed by the Senate this week, just as moves to do that was largely believed by concerned Nigerians to have arisen as a result of May 31, 2018, set as deadline for the life span of 2017 budget of N7.444trillion.
But the lawmakers raised the budget by N500 billion.
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According to the breakdown, the sum of N199 billion is for sinking fund for maturing loans; N3.51 trillion for recurrent (non debt) expenditure, while N2.86 trillion is for development fund for capital expenditure.
Goje, while presenting the report, confirmed the increment in the budget and attributed the budget increase to the $6 per barrel increase in the benchmark for oil price which was done by the National Assembly Appropriations Committee, he further stated that the money was applied to some "critical areas" including Ministry of Power, Works and Housing.
These include n50.88 billion for reduction of deficit; n46.72 billion for security and n57.15 billion for the health sector.
The 2018 budget is Nigeria's highest budget estimate ever.
He asked members to pick copies of the report as early as 8am and read it, preparatory to the consideration and passage of the budget.
The budget will have a Fiscal Deficit of N1,954,464,993,775 and a Deficit-to-GDP is put at -1.73 per cent.