Finally, Senate on Wednesday passed the 2016 budget of N6.06 trillion after many weeks of postponement.
According to the budget, Statutory transfer N351 billion, Debt service N1.4 trillion, recurrent 2.6 trillion, Capital Expenditure N1.59 trillion, fiscal deficit N2. 2trillion.
Presenting the report, the Chairman of the senate Committee on Appropriation observed that the appropriation bill contained a number of omissions, particularly in the area of Personnel cost.
Though the appropriation committee has filled some of the gaps, there are many outstanding cases which could raise serious concern in the course of the year.
He observed the budget was not presented on time to the National Assembly which affected the passage of budget.
He also observed that the budget was seen to be fraught with some inconsistencies from MDAs.
He explained that the budget has already been harmonised by both chambers before presenting it.
The oil bench is still at $38 per barrel as submitted by President Muhammadu Buhari.
Details later…