National Assembly hikes Buhari’s budget by N508bn

National Assembly, Abuja

The National Assembly has increased the 2018 budget proposal presented to it last year by President Muhammadu Buhari from N8.612 trillion to N9.12 trillion.

This represents a whooping N508 billion difference, which the lawmakers have inserted into the appropriation bill.

The new figure is embedded in the report of the National Assembly joint Committees on Appropriation presented before the Assembly on Tuesday.

In the new appropriation, N530,421,368,624 was proposed for statutory transfer; N2,869,600,351,825 for development fund for capital expenditure; N3,516,477,902,077 for recurrent (non debt) expenditure; while N2,203,835,365,699 is for debt service; and N199bn as sinking fund for maturing loan.

The National Assembly is expected to pass the budget this month, over six months since it was presented to the Assembly by Buhari..