Buhari Presents 2019 Appropriation Bill Amidst Rowdiness

President Muhammadu Buhari, Wednesday, presented a budget of N8.83tri for 2019.
The presentation was marked with cheers and boos.
The president presented the budget at a joint session of the National Assembly.
Members of the chamber intermittently disrupted the presentation with jeers while others clapped.
The rowdiness prevented the Speaker os the House of Representative, Yakubu Dogara, from saying the closing remark after the presentation.
However, the proposed budget shows that about a quarter of the sum (N2.14tri) will be used for debt servicing while capital expenditure is expected to gulp N2.031tri.
Further breakdown presented by the president shows that proposed recurrent expenditure is N4.04tri, statutory transfer is N492.36bn, there is a sinking fund of N120bn, while capital expenditure is N2.03tri.
Buhari said the budget was prepared after wide consultations.
The budget was prepared on the assumption of $60 per barrel with crude oil production of 2.3 million barrels per day.
The exchange rate is assumed at N305 to $1.
Other assumptions include a real GDP growth of 3.01 per cent and inflation rate of 9.98 per cent.

Author: News Editor

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