Senate on Tuesday passed the 2019 appropriation bill of N8.82 trillion for second reading.
The bill scaled second reading at the upper legislative chamber on Tuesday after contributions by Senators.
The bill was submitted to National Assembly for consideration since December, 2018.
Speaking during the debate on the budget, Senator Enyinnaya Abaribe called it “a budget of impossibilities”.
He said: “With a total debt service of 25.7% and capital budget at 23%, it means we are paying more debt.
“This is a budget of impossibilities. Out of every 1 Naira, 68kobo is paid out. The Federal Government needs to go back to the drawing board.”
Senator Mao Ohuabunwa commented: “We are consolidating poverty. We need to really look at this budget.
“Instead of reducing, we should ‘jerk up’ the budget by 10 trillion. What can 2 trillion do when we have ongoing projects.”
On his part, Senator Ben Murray-Bruce noted:
“The budget is not different from what we have been presented in the last 4 years.
“Recurrent expenditure of 4 trillion is too high.
“There are government agencies set up that have no value. These agencies must be scrapped.
“The Federal Government needs to embark on an immediate deregulation,” added Senator Murray-Bruce.
Senator Sabo Mohammed: “In developed countries, economies are powered by loans.
“We are one of the least indebted economies in the world.
“My suggestions are centered on 2 areas; these are agriculture and industries.
“There is a need to look at agricultural practices especially in the private sector.”
Senator Matthew Urhoghide: “We must have revenue in place to meet capital expenditure.
“The Fiscal Revenue Act put in place to check budgets was not implemented in the past.
“We need to ensure the common wealth of Nigerians is taken seriously.
“If we must pass this budget, let us be born again in implementing this budget,” he stressed.
The appropriation bill was later passed for second reading.