SAN FRANCISCO, May 27, (THEWILL) – President Muhammadu Buhari has signed the 2019 appropriation bill into law to signal the beginning of the implementation of the 2019 fiscal calendar.
THEWILL recalls that Buhari, had on December 18, 2018, proposed a budget of N8.83 trillion to the National Assembly but the passage was delayed.
However, 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.
