SAN FRANCISCO, December 19, (THEWILL) – President Muhammadu Buhari on Wednesday, presented the 2019 Appropriation Bill of N8.83 trillion to a joint session of the Senate, and House of Representatives.
Tagged as the ‘Budget of Sustenance’, the proposed budget shows that about a quarter of the sum (N2.14 trillion) will be used for debt servicing while capital expenditure is expected to gulp N2.031 trillion.
See the breakdown below.
Recurrent – N4.04 trillion
Debt service – N2.14 trillion
Statutory transfer – N492.36 billion
Sinking fund – N120 billion
Capital expenditure – N2.031 trillion.
According to the President, a $60 per barrel oil benchmark has been set, with production levels set at 2.3bn barrels per day.
While members of the APC applauded the President for his administration’s efforts, which have culminated into the ‘budget of sustenance’, legislators from the opposition think otherwise with chants of ”lies, propaganda” overawing the President’s presentation.
President Buhari, in his calm demeanour called for decorum in the legislators’ behaviours as he informed them that ‘the world is watching.
”May I appeal to the honourable members that the world is watching us and we’re supposed to be above this,” Buhari said.
