Why National Assembly Increase 2019 Budget By #500 Billion Naira
NIGERIA NEWS had reported that the National Assembly has increased the 2019 budget submitted by the president Buhari to #9.12 Trillion as against the allocation submitted of about N8.6 trillion.
So many are wondering what could have been the reason behind the high increase from the submitted budget to the new high budget.
In 2017 fiscal year budget, Senatenate has done the same thing of increasing budget, in the previous year the senate increased the budget by 146 billion nairas. The Senate had said that the budget was increased as a result of an increase in the markup in the price of crude oil.
In the same vein, when the budget was prepared by the budgetary team of the president Buhari, the price of crude oil per barrel was between $45 and $50 but right now, the price crude is a little above $70 per barrel. NIGERIA NEWS cannot justify this move and we continue to monitor if president Buhari will sign the budget despite the increase of about #500 Billion.
The 2019 budget was term budget of consolidation and was submitted as far back as November 2019 to the National Assembly lots of drama and delay all the way to this one.
By tomorrow Nigerians in there hundreds will be reacting to the increase in the budget.
Our questions now as we monitor the news that has to do with the increase of the 2019 budget, as an informed citizen will you advise the president to sign it, not to sign it?
In our next article, NIGERIA NEWS will be comparing and contrast the changes made by both lower and upper chambers to the budget that is being increased from 8.6 trillion to 9.12 trillion.
Like we have said before major explanation the Senate will have is that the price of crude oil has increased greatly to and this need to be reflected.
In reaction to the 2019 budget, Adeyanju has this to say
He said at the session that with a benchmark of 45 dollars per barrel at an exchange rate of N305 to a dollar in 2019, the budget would consolidate on the achievements of previous budgets to aggressively steer the economy to the path of steady growth.
However, former Director of New Media for the Peoples Democratic Party, PDP, and Convener, Concerned Nigerians, Prince Deji Adeyanju has described as illogical the budget presented as the 2019 Appropriation bill, saying there are no projects to show that previous budgets were implemented.
He said the President cannot account to what he said is the over N11trn proposed for both 2016 and 2017. According to Adeyanju, “How can Buhari present 2019 budget when he can’t account for N11trilion from 2016 & 2017?”