President Muhammadu Buhari yesterday, 19th December 2018, presented N8.83 trillion budget for 2019 to a joint session of the National Assembly.
The proposed budget captioned budget of continuity reflects that a quarter of the proposed sum (N2.14 trillion) will be spent on debt servicing while a further N2.031 trillion is proposed as capital expenditure.
Recurrent expenditure as proposed in the 2019 Appropriation document stands at N4.04 trillion, statutory transfers is put at N492.36 billion, N120 billion proposed as sinking fund and N2,031 trillion is proposed for Capital expenditure.
In a presentation, intermittently interjected by cheers and boos, the President affirmed that the proposed budget is a product of wide consultations.
The proposed budget is predicated on crude oil production of 2.3 million barrels per day at $60 per barrel and at an assumed exchange rate of N305 to $1.
Other assumed predicators include a real GDP growth of 3.01 percent and inflation rate of 9.98 percent.
At different times during the budget presentation, boos and jeers as well as solidarity chants intermittently interjected the President’s presentation by lawmakers, mostly along party lines. Some lawmakers held out placards and interrupted the presentation with dissenting comments.
Solidarity songs accompanied by shout of “Lies” rent the air as the President read through the proposition. “Freedom cometh by struggle, freedom come by struggle by struggle, freedom come,” they sang.”
Pro-Buhari lawmakers also chanted “Sai-Baba”, raising two fingers in the air and screaming “four more years” to encourage the president.
The rowdiness of the session presented the Speaker of the House of Representatives, Hon. Yakubu Dogara from saying the closing remarks after the presentation.
The President had to be excused shortly after in the midst of continuous chants and boos from the green chambers.
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