The House of Representatives says the 508 billion Naira increase in 2018 Budget passed on Wednesday was meant to boost critical sectors of the Nigerian economy for the benefit of citizens.
The Chairman House Committee on Media and Publicity, AbdulRazak Namdas gave the hint while briefing the National Assembly Correspondents on the 2018 Budget.
He said the increase which was a result of increase in benchmark from US$46 to US$51which reduces the budget deficit would be channelled to Works and Power, Agriculture, Health and Security sectors for the development and welfare of Nigerians.
“We have a reduction of deficit by N50.88bn, in security, there is an increase of N46.72bn, health we have N57.15bn, power, works and housing N106.50b increase.
Education; because of these twelve newly established universities and meal subsidy for unity schools, about N15.70bn was increased.
The judiciary got an increase of N10bn, NDDC got N44.20bn.” He explained.
Mr. Namdas expressed optimism over the budget stressing that the lawmakers would continue to work towards realizing the early passage and implementing of the country’s annual financial law.
“In passing the budget we have some differences with the Senate. For instance we have amended close 6 that there shall be no extra-budgetary spending, If you want to spend out of the budget you have to come by way of supplementary budget.
In close 1, we also agreed that this budget when passed has to run for twelve calendar months and it has to start from the day it is assented to.
We also agreed that government is not allowed to borrow without presenting the borrowing plan to the National Assembly,”he argued.
Mr. Namdas explained that an eight-man conference committee has been constituted to harmonize the differences for the document to be transmitted to the President for assent.