President Muhammadu Buhari has signed the 2019 appropriation bill into law to signal the beginning of the implementation of the 2019 fiscal calendar.
The appropriation bill after undergoing legislative scrutiny, the lawmakers passed the budget of N8.91 trillion, raising it by over N90.3billion on April 30, 2019.
Highlights of the 2019 budget as approved by the National Assembly include the capital expenditure of N2.09trillion, recurrent expenditure of N4.05trillion, statutory transfers of N502billion, fiscal deficit of N1.9trillion, and special intervention of N500billion.
The lawmakers also approved debt service of N2.25trillion out of the figure, N1.7trillion was approved for domestic debts, while the sum of N433billion was provided for foreign debts.
The dignitaries who witnessed the signing of the budget, which took place at the mini-conference hall of the president, included the Senate President Bukola Saraki and the Speaker of the House of Representatives, Yakubu Dogara. The Secretary to the Government of the Federation, Boss Mustapha and the Chief of Staff to the President, Malam Abba Kyari also witnessed the signing of the budget.
Others at the event were the Ministers of Finance (Zainab Ahmed), Budget and National Planning (Sen. Udoma Udu Udoma), Information and Culture (Lai Mohammed) and the Chairman of the Senate Committee on Appropriations, Sen. Danjuma Goje, The Senior Special Assistant (SSA) to the President on National Assembly Matters (Senate), Sen. Ita Enang and his counterpart for the House of Representatives, Umar El-Yakub were also at the event.
It would be recalled that on June 6, 2018, Buhari signed the 2018 appropriation bill of N9.120 trillion . Minister of Budget and National Planning, Udoma Udo Udoma, after the signing of the bill, reports the president as saying the 2018 Budget will help his government to consolidate the achievements of previous budgets and deliver on Nigeria’s Economic Recovery and Growth Plan (ERGP) 2017-2020.