Buhari signs 2019 budget into law on Monday
By Mathew Dadiya, Abuja
President Muhammadu Buhari will on May 27, append his signature to the 2019 budget passed a month ago by the National Assembly.
A source told the Daily Times that the President will assent to the appropriation bill on Monday after the Children’s Day national broadcast.
The National Assembly had on April 30 passed the 2019 budget and was transmitted to the President 10 days later. The budget was raised by over N90.3 billion.
President Buhari had in early December presented the N8.826 trillion budget proposal to the National Assembly, but was increased to N8.916 trillion.
The deficit was increased from N1.86 trillion as contained in the President’s proposal to N1.908 trillion.
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 1.37 per cent.
The budget has debt service of N2.254 trillion. Out of this figure, N1.7 trillion was earmarked for domestic debts, N433 billion for foreign debts and N110 billion as sinking fund.
