Senate resumes budget debate today

Tunde Opalana, Abuja

The Senate will resume deliberation on the 2019 budget today with the second reading of the appropriation bill.

Senate President, Bukola Saraki gave the indication at the resumption of plenary yesterday.

Saraki urged lawmakers to write down their names to indicate when they would make their submission on the appropriation bill.

“We will commence the second reading and debate on the general principles of the budget. So colleagues, please put your names on the list for Wednesday,” he said.

Also, he announced that following the absence of the Chairman, Senate ad hoc committee on the New National Minimum Wage Bill, Sen. Sola Adeyeye (APC/ Osun), the Senate Minority Whip, Sen. Francis Alimikhena (APC/Edo) will now head the panel in acting capacity.

Debate on the budget has been delayed by series of adjournment of Senate plenary.

The Presidency had since December 19, 2018 presented to the National Assembly a federal budget proposal of N8.83 trillion for the 2019 fiscal year. The total budget estimate is N300 billion lower than the N9.1 trillion being implemented for the current fiscal year.

According to Buhari, N4.04 trillion or 50.31 per cent is earmarked for recurrent expenditure and N2.03 trillion representing 22.98 per cent is for capital projects. Other estimates are N492.36 billion for statutory transfers, N2.14 trillion for debt servicing and provision of N120 billion as sinking fund.

The President explained that the sinking fund would be used to “retire maturing bonds to local contractors.”

Furthermore, the 2019 budget proposal is based on an oil production estimate of 2.3 million barrels per day and an exchange rate of N305 per dollar. Other benchmarks are real Gross Domestic Product (GDP) growth rate of 3.01 per cent and inflation rate of 9.98 per cent.

The senators resumed sitting on Tuesday after a short break for the 2019 general elections.