There was uproar in the National Assembly as President Muhammadu Buhari walked into the hallowed chamber where he is billed to address the joint session of the Assembly for the presentation of the 2019 Appropriation Bill. Rep Gudaji Kazaure
The President walked into the chamber and took his seat at 11:40pm while the National Anthem was rendered immediately amidst jeers and cheers from supporters and lawmakers believed to be from the opposition camp. President Muhammadu Buhari on Wednesday unveiled a federal budget of N8.83 trillion for the 2019 fiscal year. The figure came in the 2019 Appropriation Bill presented by the president to a joint session of the National Assembly in Abuja. 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 earmarked for capital projects.Rep Gudaji Kazaure
Other estimates are N492.36 billion for statutory transfers, N2.14 trillion for debt servicing and provision of N120 billion as sinking fund. He explained that the sinking fund would be used to “retire maturing bonds to local contractors”. The 2019 budget proposal is based on an oil production estimate of 2.3 million barrels per day and an exchange rate of N305 to a dollar. Other benchmarks are: real Gross Domestic Product growth rate of 3.01 per cent and inflation rate of 9.98 per cent. Rep Gudaji Kazaure
The total projected revenue, according to the President, is N6.97 trillion, which is three per cent lower than the 2018 estimate of N7.17 trillion. Buhari said the expected income consisted of oil revenue projected at N3.73 trillion, and non-oil revenue estimated at N1.39 trillion. He added: “The estimate from non-oil revenue consists of N799.52 billion from company income tax; N229.34 billion from value added tax, and customs duties of N302.5 billion. “We have reduced our expectations from independent revenue to N624.58 billion. Rep Gudaji Kazaure
“Other revenues expected in 2019 include various recoveries of N203.38 billion; N710 billion as proceeds from the restructuring of government equity in joint ventures, and other sundry incomes of N104.1 billion.” The President explained that the total N8.83 trillion proposed expenditure for 2019 included grants and donor funds amounting to N209.92 billion.
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