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Buhari signs 2019 budget

By Timileyin Omilana
27 May 2019   |   11:07 am
Nigeria's President Muhammadu Buhari Monday signed the 2019 appropriation bill into law, weeks after it was approved by the National Assembly. The N8.92 trillion budget approved by the lawmakers is more than N8.826 trillion estimate the president presented to them on December 19. Highlights of the 2019 budget as approved by the National Assembly include…

Nigeria’s President Muhammadu Buhari Monday signed the 2019 appropriation bill into law, weeks after it was approved by the National Assembly.

The N8.92 trillion budget approved by the lawmakers is more than N8.826 trillion estimate the president presented to them on December 19.

Highlights of the 2019 budget as approved by the National Assembly include the capital expenditure of N2.09tn, recurrent expenditure of N4.05tn, statutory transfers of N502bn, fiscal deficit of N1.9tn, and special intervention of N500bn.

The lawmakers also approved debt service of N2.25tn. Out of the figure, N1.7tn was approved for domestic debts, while the sum of N433bn was provided for foreign debts.

The sum of N110bn was approved for a sinking fund to retire maturing debt obligations.