As the presidency explained, the delay of the budget 2019 presentation is due to some outstanding budget-related bills before the National Assembly.
- According to Senator Solomon Ita-Enag, before the executive will present the proposals for the budget, it first should analyze the overall performance of the budget that was approved for 2018. The Senator also dismissed all claims that Buhari administration was having the biggest turnover of the rejected bills.
The budget of 2018 will expire the next summer in 2019. As was reported by The Punch, on the 22d of November, the presidency has delayed the presentation of the budget for the next year before the Assembly, because it is waiting for the approval of the passage of the Medium Term Expenditure Framework (MTEF)/Fiscal Strategy Paper (FSP) by the legislature. This was stated by Solomon Ita-Enag who is the Senior Special Assistant to the President on the National Assembly matters during the interview with media representatives in the capital city.
According to Solomon Ita-Enag, the government has considered one hundred bills in the last 3.5 years. He also commented on the budget 2019, saying that the approval is still awaited, but all the arrangements on the budget for the next year are on the stage to be transmitted to the legislature, so it is almost ready. Also, he added that the President Buhari had sent his requests for other funds for different agencies from virement still pending.
From the comments of Solomon Ita-Enag, it also became known that the President sent his requests for the loan for the approval of external finances and it has been approved several weeks ago. Also, the executive is in the process of raising money to fund the budget.
We also should mention that the Senator added that due to the fact that the legislature continue to work on the Medium Term Expenditure Framework/Fiscal Strategy Paper, they (presidency) plan to use the parameters used as the budget benchmark for exchange rate, oil, excess crude projections, and other sources for the country’s revenue.
As it was reported earlier by Legit.ng, the budget proposed by the federal government for 2019 is smaller in comparison with the budget for 2018, for this year the budget figure was N9.1 trillion for the next year it is to be N8.6 trillion.
A total revenue projection by the federal government for the next year is N7.9 trillion. The government plans to reduce both the borrowing and deficit financing, as it goes by provisions of 2019- 2021 MTEF/FSP. This information was unveiled on the 18th of October, in Abuja, by Senator Udoma Udo Udoma (the minister of budget and national planning).