Senate on Tuesday, passed for second reading, the N8.83trillion 2019 budget proposals presented to the joint session of the National Assembly for approval by President Muhammadu Buhari exactly three months ago, (December 19, 2018).
This is as the upper legislative chamber fixed Tuesday, April 2, 2019 for possible passage of the budget.
The April 2nd date, was mentioned by the Senate President, Bukola Saraki in his remarks while mandating the Appropriation committee to work on the budget details within the next two weeks and report back on April 2.
“We shall be here on the 2nd of April to receive report of the appropriation committee on this budget, consider and possibly pass it for third reading.
” In keeping to the date , chairmen of the various standing committees should ensure that they tidy up budget defence sessions with heads of Ministries , Departments and Agencies ( MDAs) under their purview within the next two weeks.
“The best way out of the situation at hand as far as the passage of the 2019 budget is concerned, is for the various committees to push to the appropriation committee , budget proposals of any MDAs whose management refuses to appear , as originally proposed by the president “, he said.
Earlier before Saraki’s remarks, a total of nine senators in continuation of debate on the general principles of the budget which commenced on Wednesday last week, made contributions by calling for caution on the part of the executive as regards the rising debts profile of the country.
The N8.83trillion budget proposal as presented by President Buhari is anchored on key parameters such as $60 per barrel as oil price bench mark , 2.3 million barrel oil production per day and N305 The entire budget profile and its critical components the President added are premised on parameters of oil price bench mark of $60 per barrel , 2.3 million barrel oil production per day and N305 exchange rate to a US dollar .
Others are , 3.01% GDP growth rate and 9.18% Inflation rate.
Critical components of the budget estimates are recurrent expenditure N4.038trillion , capital expenditure N2.031trillion , Debt servicing N2.264trillion and N492.360billion for statutory transfers .
