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08 November 2017, 10:13 | Todd Saunders
President Buhari Submits 2018 Budget To NASS
Journalists from some section of the media, mostly online and a few from some print and electronic media have been barred from covering the 2018 budget presentation by President Buhari at the National Assembly.
But the members, who separately spoke to PREMIUM TIMES shortly after the president laid the 2018 budget, said they also shelved the protest due to the respect they had for the speaker of the House of Representatives, Yakubu Dogara, who they said appealed to members.
Earlier in his address, Senate President Bukola Saraki tasked the federal government over the 2018 budget; saying how the budget is implemented will be the defining moment of the Buhari Administration.
Toby Okechukwu, a lawmaker under PDP said the legislators were displeased speed at which the 2017 budget was being implemented.
A breakdown of the proposed capital expenditure of N2.428 trillion showed that the Power, Works and Housing Ministry got the highest allocation of N555.88 billion followed by the Transport ministry which got N263billionn.
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Specifically, N12 billion counterpart funding is earmarked for transmission lines and substations, N10.00 billion for the 2nd Niger Bridge; and N300 billion for the construction and rehabilitation of the strategic roads.
The Special Intervention Programme was allocated N150 billion while Defence, N145 billion. Thus, the three tiers of Government shall receive about 12 percent more revenues in 2018 than the 2017 estimate.
"Total receipts from the non-oil sector are projected at N5.597 trillion, " Buhari said.
The president said that non-oil and other revenue sources of N4.165 trillion would include share of Companies Income Tax (CIT) of N794.7 billion, Value Added Tax (VAT) of N207.9 billion as well as Customs and Excise Receipts, N324.9 billion.
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