President Muhammadu Buhari signed the 2019 Appropriation Bill into law on Monday. The signing of the bill is the first stage in the implementation of the 2019 fiscal calendar.
Backstory: The president presented a budget of N8.83 trillion to the National Assembly in December 2018, however, there was a length delay in passing the bill as a result of the late submission, holidays and the general elections which took place early in 2019.
After making rounds at the legislative level, the bill passed with an increase of over N90.3billion, bringing the total budget passed to N8.91 trillion, on April 30.
Below are highlights of the budget as approved by the National Assembly include:
- Capital expenditure of N2.09trillion
- Recurrent expenditure of N4.05trillion
- Statutory transfers of N502billion
- Fiscal deficit of N1.9trillion, and
- Debt service of N2.25 trillion was approved, out of which N1.7 trillion was approved for domestic debts and the of N433 billion for foreign debts.
The passage of the bill is a slight improvement from last year, when the budget was signed on June 20.