President Buhari has signed the twenty nineteen appropriation bill into law.
This assent officially marks the commencement of the twenty nineteen fiscal year.
The 2019 budget was presented by president Muhammadu Buhari to the joint session National assembly on December 18, 2018, the Senate passed the bill on April 30, 2019.
This signing comes two days to the inauguration of President Buhari for a second term
Last month, the senate and the lower house unanimously raised the budget from N8.826 Trillion to N8.916 Trillion.
The amount approved by National assembly is N90 billion higher than the N8.826 Trillion the President laid before the lawmakers in 2018.
In the Upgraded budget, the National assembly allocated the sum of N2.094 Trillion to capital expenditure, recurrent expenditure got N4.055 Trillion, statutory transfer N502 Billion, fiscal deficit was raised to N1.908 Trillion that is 1.37 percent, Special intervention fund N500 Billion and deficit to Gross domestic product of 1.37 percent.
The 2019 budget proposal is also premised on the following assumptions:
Oil benchmark price: $60 per barrel
Oil production: 2.3 million bpd
Exchange rate: N305/$1
Inflation Rate: 9.98%
Oil Revenue: 3.73 trillion
Non-Oil Revenue and Other Sources: 1.39 trillion
Minister of Budget and National planning, Udo Udoma explains that details of the signed budget will be made available during the public presentation of the document on Tuesday 28th May.
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