President Muhammadu Buhari has revealed that the 2018 appropriation bill will be funded by a massive loan in excess of a trillion naira.
President Muhammadu Buhari (middle)
President Muhammadu Buhari on Tuesday, while presenting the 2018 budget before a joint session of the National Assembly said his government plans to borrow N1.699 trillion in 2018.
Buhari said the 2018 budget would return to a cycle that starts from January and ends in December. The president presented a proposal of N8.6 trillion budget expenditure for consideration for the 2018 fiscal year.
If passed by the National Assembly, the Federal Government will be spending about N8.6 trillion in 2018, as against the N7.44 trillion budgeted for the current year.
In his speech, Senate President, Dr. Bukola Saraki urged President Muhammadu Buhari to lobby lawmakers and close ranks in order to drive policies of government effectively.
“It is heart warming Mr. President, to having you presenting the 2018 budget to joint sessions of the National Assembly.
“This is the first time, budgets of the preceding year was being presented on time, and to us as legislators, this is a good development.”