News 2018 budget: Full text of Buhari’s statement during signing of appropriation Published 9 months ago on June 20, 2018 By All Naija Entertainment Recall that the National Assembly had passed the budget on May 16, seven months after the President submitted the proposals to the lawmakers.DON'T MISS: Download & Install All Naija Entertainment App Into Your Android However, Buhari while signing the bill at the Presidential Villa, Abuja, lamented that it took long before the Appropriation Bill was signed. He anchored the delay on the slow pace of legislative “review process.” Read Buhari’s full statement below… “I would like to thank the leadership of the National Assembly, particularly the Senate President and the Speaker of the House of Representatives, as well as all the Distinguished Senators and Honourable Members, for passing the 2018 Appropriation Bill, after seven months. “When I submitted the 2018 Budget proposals to the National Assembly on 7th November 2017, I had hoped that the usual legislative review process would be quick, so as to move Nigeria towards a predictable January-December financial year. The importance of this predictability cannot be overemphasized. “While the Federal Government’s budget represents less than 10% of aggregate yearly expenditures in the economy, it has a very significant accelerator effect on the financial plans of other tiers of government, and even more importantly, the private sector, which mostly operates on a January-December financial year. “Notwithstanding the delay this year, I am determined to continue to work with the National Assembly towards improving the budgeting process and restoring our country to the January-December fiscal cycle. “I note, with pleasure, that the National Assembly is working on the enactment of an Organic Budget Law, so as to improve the efficiency of the nation’s budgetary process. “As I mentioned during the presentation of the 2018 Appropriation Bill, we intend to use the 2018 Budget to consolidate the achievements of previous budgets and deliver on Nigeria’s Economic Recovery and Growth Plan (ERGP) 2017-2020. “It is in this regard that I am concerned about some of the changes that the National Assembly has made to the budget proposals that I presented. The logic behind the Constitutional direction that budgets should be proposed by the Executive is that, it is the Executive that knows and defines its policies and projects. “Unfortunately, that has not been given much regard in what has been sent to me. The National Assembly made cuts amounting to 347 billion Naira in the allocations to 4,700 projects submitted to them for consideration and introduced 6,403 projects of their own amounting to 578 billion Naira. “Many of the projects cut are critical and may be difficult, if not impossible, to implement with the reduced allocation. Some of the new projects inserted by the National Assembly have not been properly conceptualized, designed and costed and will therefore be difficult to execute. “Furthermore, many of these new projects introduced by the National Assembly have been added to the budgets of most MDAs with no consideration for institutional capacity to execute them or the incremental recurrent expenditure that may be required. “As it is, some of these projects relate to matters that are the responsibility of the States and Local Governments, and for which the Federal Government should therefore not be unduly burdened. READ ALSO Civil Servants Now Lose Their Jobs For Criticising Politicians – Atiku Abubakar“Such examples of projects from which cuts were made are as follows: “The provisions for some nationally/regionally strategic infrastructure projects such as Counter-part funding for the Mambilla Power Plant, Second Niger Bridge/ancillary roads, the East-West Road, Bonny-Bodo Road, Lagos-Ibadan Expressway and Itakpe-Ajaokuta Rail Project were cut by an aggregate of 11.5 billion Naira. “Similarly, provisions for some ongoing critical infrastructure projects in the FCT, Abuja especially major arterial roads and the mass transit rail project, were cut by a total of 7.5 billion Naira. “The provision for Rehabilitation and Additional Security Measures for the United Nations Building by the FCT, Abuja was cut by 3.9 billion Naira from 4 billion Naira to 100 million Naira; this will make it impossible for the Federal Government of Nigeria to fulfill its commitment to the United Nations on this project. “The provisions for various Strategic Interventions in the health sector such as the upgrade of some tertiary health institutions, transport and storage of vaccines through the cold chain supply system, provision of anti-retroviral drugs for persons on treatment, establishment of chemotherapy centres and procurement of dialysis consumables were cut by an aggregate amount of 7.45 billion Naira. “The provision for security infrastructure in the 104 Unity Schools across the country were cut by 3 billion Naira at a time when securing our students against acts of terrorism ought to be a major concern of government. “The provision for the Federal Government’s National Housing Programme was cut by 8.7 billion Naira. “At a time when we are working with Labour to address compensation-related issues, a total of 5 billion Naira was cut from the provisions for Pension Redemption Fund and Public Service Wage Adjustment. “The provisions for Export Expansion Grant (EEG) and Special Economic Zones/Industrial Parks, which are key industrialization initiatives of this Administration, were cut by a total of 14.5 billion Naira. “The provision for Construction of the Terminal Building at Enugu Airport was cut from 2 billion Naira to 500 million Naira which will further delay the completion of this critical project. ” The Take-off Grant for the Maritime University in Delta State, a key strategic initiative of the Federal Government, was cut from 5 billion Naira to 3.4 billion Naira. “About seventy (70) new road projects have been inserted into the budget of the Federal Ministry of Power, Works and Housing. In doing so, the National Assembly applied some of the additional funds expected from the upward review of the oil price benchmark to the Ministry’s vote. Regrettably, however, in order to make provision for some of the new roads, the amounts allocated to some strategic major roads have been cut by the National Assembly. ” Another area of concern is the increase by the National Assembly of the provisions for Statutory Transfers by an aggregate of 73.96 billion Naira. Most of these increases are for recurrent expenditure at a time we are trying to keep down the cost of governance. “An example of this increase is the budget of the National Assembly itself which has increased by 14.5 billion Naira, from 125 billion Naira to 139.5 billion Naira without any discussion with the Executive. READ ALSO 2019: "Buhari Will Kill Nigeria If Allowed Second Term" - Fayose Says“Notwithstanding the above stated observations, I have decided to sign the 2018 Budget in order not to further slowdown the pace of recovery of our economy, which has doubtlessly been affected by the delay in passing the budget. “However, it is my intention to seek to remedy some of the most critical of these issues through a supplementary and/or amendment budget which I hope the National Assembly will be able to expeditiously consider. “I am pleased with the success recorded in the implementation of the 2017 Budget. A total sum of 1.5 trillion Naira has been released for the implementation of capital projects during the 2017 fiscal year. In response to this and other policy measures implemented, we have observed significant improvement in the performance of the Nigerian economy. “To achieve the laudable objectives of the 2018 Budget, we will work very hard to generate the revenues required to finance our projects and programmes. The positive global oil market outlook, as well as continuing improvement in non-oil revenues, make us optimistic about our ability to finance the budget. “However, being a deficit budget, the Borrowing Plan will be forwarded to the National Assembly shortly. I crave the indulgence of the National Assembly for a speedy consideration and approval of the Plan. “The 2018 Budget I have just signed into law provides for aggregate expenditures of 9.12 trillion Naira, which is 22.6% higher than the 2017 Appropriation. Further details of the approved budget will be provided by the Minister of Budget and National Planning. “I thank the Ministers of Budget and National Planning, the Budget Office of the Federation, and everyone who worked tirelessly and sacrificed so much to bring us to this day. However, the job is only partly done. “I am sure you will remain committed to advancing our Change Agenda, not only in the preparation of the national budget but also in ensuring its effective implementation. “I thank you and may God bless Nigeria.” Subscribe To ANE Talk Trends On Youtube Subscribe To All Naija Entertainment On Youtube Get More Stories Like This On: Facebook: @AllNaijaEntertainment, Twitter: @AllNaijaEntertainment Quick Reach: Our Service Improvement, Advertise With Us, Send Us Enquiries & Press Releases Related Posts:DWAYNE JOHNSON: Complete Biography, History, Family, State Of Origin, Birth And Throwback Photos Of Dwayne JohnsonHow To Become A Succesful Good Fashion Designer, Tailor, Sell Materials, Tools in NigeriaDAGRIN: Complete History, Biography, Family, State Of Origin, Birth And Throwback Photos Of Olaonipekun Oladapo Olaitan (Dagrin)BREAKING: Okorocha missing as INEC presents Certificates of Return to LawmakersJOEL ANTHONY: Complete Biography, History, Family, State Of Origin, Birth And Throwback Photos Of Joel AnthonyBuhari can’t win Adamawa, he increased poverty in Nigeria – PDP chairmanLAURENCE ANINI: Full Throwback History And Biography Of Nigeria Number One Terrorist Laurence AniniUniversity of Lowa Summer Institute Exchange Program 2019, United States of America (Fully Funded)BIAFRA WAR: War Between Biafra And Nigeria In 1967 – 1970Udom Emmanuel: Keeping The Peace & Wiping Out Traces Of Terror 2018 budgetBuhari Advertisement Click to comment Leave a Reply Cancel reply Your email address will not be published. Required fields are marked *Comment Name * Email * Website Search Latest Popular Technology4 hours ago Apple returns iPad Air with new 10.5-inch display and Apple Pencil support Technology4 hours ago Facebook set to offer grants to ‘news deserts’ Technology4 hours ago WhatsApp co-founder tells users to delete their Facebook accounts Technology4 hours ago Christchurch New Zealand shooting: Firms consider pulling ads from social media Business4 hours ago FG committed to stable financial system – NDIC Entertainment5 hours ago Ice Prince Zamani thrills Abuja fans at food expo Entertainment5 hours ago We help to take girls off the streets – Nike Okundaye Sports5 hours ago Transfer News: Inter Milan place £68 million price tag on Mauro Icardi News5 hours ago Gov. Simon Lalong says he’s not afraid of rerun News5 hours ago Ifeanyi Okowa tells FG to abolish death penalty in Nigeria News1 week ago BREAKING: Hon. Olatoye Temitope Sugar Shot Dead By Unknown Gunmen, UCH News1 week ago INEC Begins Release Of Election Results In Kaduna Music1 week ago [Music] Maroon 5 – “Girls Like You (Remix)” Feat Cardi B Music3 days ago [Music] Teni – Party Next Door (Prod. By JaySynths Beatz) Music1 week ago [Music] Idahams ft. Teni – No One Else (Remix) Biography6 days ago DAGRIN: Complete History, Biography, Family, State Of Origin, Birth And Throwback Photos Of Olaonipekun Oladapo Olaitan (Dagrin) Job Vacancy5 days ago JOB: 2019/2020 NNPC Recruitment Application Form and Application Guide News1 week ago Oyo State Lawmaker “Sugar” Shot In The Eye, Reportedly Dead Lyrics1 week ago Maroon 5 – “Girls Like You (Remix)” Feat Cardi B [LYRICS] Music1 week ago [Music] DJ Neptune – “Demo” Feat. Davido You May Also Like Music2 days ago [Music] Westlife – How To Break A Heart Sports14 hours ago EPL: Premier League Highest Goal Scorers Lyrics2 days ago Westlife – How To Break A Heart [LYRICS] News2 days ago Gov El-Rufai confirms fresh killings in Kaduna, begs for peace News15 hours ago Nigeria Prisons Service Gives Update On Recruitment In Rivers Music14 hours ago [Music] Iyanya – Halle ft. Duncan Mighty Music14 hours ago [Music] Dremo – Mirror News2 days ago Again Patience Jonathan loses another N2.4 billion!