Sun. Oct 20th, 2019

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Breaking: Buhari Signed Into Law The 2019 Appropriation Bill

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Early this morning, the President of the Federal Republic of Nigeria, President Muhammadu Buhari signed the 2019 appropriation bill into law.

This launch the commencement of the implementation of the 2019 fiscal calendar.

A budget of N8.83tn was earlier said to be needed as at December 18, 2018, but the passage was hindered due to the festive season and the general election that took place.

As of April 30, 2019, the budget passed to the legislative for examining increased by N90.3bn which summed up to N8.91tn.

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The breakdown of the 2019 budget approved by the National Assembly are N2.09tn for capital expenditure, 4.05tn for recurrent spending, N502bn is for statutory transfer, N500bn is for special intervention, N1.7tn for domestic debt and N433bn was provided for foreign debt.

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