UPDATED: Buhari proposes N8.83 trillion budget for 2019

FILE PHOTO: President Muhammadu Buhari presenting the Budget to the National Assembly
FILE PHOTO: President Muhammadu Buhari presenting the Budget to the National Assembly

President Muhammadu Buhari has proposed a budget of N8.83 trillion for 2019.

The president presented the budget at a joint session of the National Assembly on Wednesday.

The proposed budget shows that about a quarter of the sum (N2.14 trillion) will be used for debt servicing while capital expenditure is expected to gulp N2.031 trillion.

Further breakdown presented by the president shows that proposed recurrent expenditure is N4.04 trillion, statutory transfer is N492.36 billion, there is a sinking fund of N120 billion, while capital expenditure is N2.031 trillion.

In a presentation intermittently cut by rowdiness, Mr Buhari said the budget was prepared after wide consultations.

The budget was prepared on the assumption of $60 per barrel with crude oil production of 2.3 million barrels per day.

The exchange rate is assumed at N305 to $1.

Other assumptions include a real GDP growth of 3.01 per cent and inflation rate of 9.98 per cent.

ROWDY SESSION

Meanwhile, Mr Buhari’s presentation was marred by boos and jeers from anti-Buhari lawmakers.

With some holding placards, the lawmakers interrupted the president’s presentation with dissenting comments.

The sang solidarity songs while shouting ‘lies’ after every of Mr Buhari’s claims.

“Freedom cometh by struggle, freedom come by struggle by struggle, freedom come,” they sang.

The jeers were matched by pro-Buhari lawmakers who chanted ‘Sai Baba’ ‘ four more years’ to encourage the president.

The rowdiness prevented the Speaker os the House of Representative, Yakubu Dogara, from saying the closing remark after the presentation.

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