NASS Raises Spending to N8.19trn, Approves 2019 Budget

• NASS Raises Spending to N8.19trn, Approves 2019 Budget

The National Assembly has approved the 2019 budget after raising the budget by over N90.3 billion.

Similarly, the deficit was increased to N1.908 trillion, up from N1.86 trillion proposed by the president.

This was after the Committee on Appropriations in both chambers of the National Assembly adopted the report.

The Committee approved a proposed budget that rose from N8.826 trillion to N8.916 trillion four months after it was presented.

The Appropriations Committee adopted the Medium Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP) with the following assumptions: 2.3 million barrels daily oil production, benchmark oil price of $60 per barrel and Exchange Rate of N305/$1.

In passing the MTEF/FSP three weeks ago, the Senate also approved GDP growth rate of 3.0percent and inflation growth rate of 9.98percent.

Highlights of the 2019 budget as approved by the National Assembly include: capital expenditure N2.094 trillion, Recurrent Expenditure N4.055 trillion, Statutory Transfers N502 billion, Fiscal Deficit N1.908 trillion, Special Intervention N500 billion and Deficit to GDP 1.37percent.