- …Buhari says all recovered looted assets will be liquidated to help in funding the 2019 budget
- …As lawmakers boo Buhari
Senators engaged in exchange of blows on Wednesday, 19th December, 2018 as President Muhammadu Buhari presented the 2019 budget.
The budget presentation, while ongoing, saw President Buhari propose a budget of N8.83 trillion for 2019.
Buhari proposed a total of N8.83 trillion as 2019 budget
A breakdown of the budget is given below:
Recurrent – N4.04 trillion
Debt service – N2.14 trillion
Statutory transfer – N492.36 billion
Sinking fund – N120 billion
Capital expenditure – N2.031 trillion.
The 2019 budget was prepared on the following assumptions:
$60 per barrel of oil
2.3 million barrels per day
N305 to $1 exchange rate
Real GDP growth of 3.01 per cent
Inflation rate of 9.98 per cent
President Buhari, during the budget proposal, promised a new minimum wage which he said will help maintain jobs for the teaming unemployed.
“We have included the implementation for the National Minimum Wage. I will be sending a Bill to this National Assembly, on this.
“To avoid a system crisis on the Federal Government and states, it is important to device ways to ensure that its implementation does not lead to an increase in the level of borrowing.
“I am accordingly setting up a high-powered technical committee to advice on ways of funding an increase in the minimum wage and attendant wage adjustments without having to resort to additional borrowing.
“The work of the committee will be the basis of finance bill which will be submitted to the national assembly alongside the minimum wage bill.
President Buhari said he would set up a special committee to look into the current fiasco concerning the minimum wage and come up with ideas of reducing debt and yet, increasing the minimum wage.
President Buhari, during the budget presentation, thanked the armed forces for protecting the country. According to him, “We thank the Armed Forces and Security Agencies for their efforts and sacrifices in protecting the nation. We have also made many efforts to enhance transparency and accountability in public service delivery.”
President Buhari also said that the inflation rate has declined. “Inflation has declined from 18.2% in January to 11.28% in November. Foreign Capital Influence has also improved.”
The president said, “Trading is a significant contributor to our country’s economy. But we must strengthen other areas such as Information Technology and Entertainment; all hands must be on deck to ensure the country succeeds.”
“In Agriculture, we are seeing increased investments in all areas of the sector. Indeed, we are on course to achieve good security in the nearest future.”
“We also prioritized the completion of already ongoing projects as opposed to starting new ones.”
“We also prioritized the completion of already ongoing projects as opposed to starting new ones.”
“To further support SME’s, we have set aside N15 billion while the sum of N10 billion has been granted to BOI for this purpose.”
“I hereby present and lay the 2019 Budget to the floor of the National Assembly for consideration and passage.”
“We can all commit to the early passage of this Bill.I thank you most sincerely for your attention. God bless the Federal Republic of Nigeria.”
President Muhammadu Buhari lays #Budget2019 at the Joint Session of the National Assembly.
Meanwhile, lawmakers booed the president as he made his budget proposal, especially when he mentions areas where his administration has channeled development to.
The lawmakers, believed to be those of the Peoples Democratic Party, booed him as he explained the various achievements in the country. They chorused ‘No!’ at each mention of an achievement.
miffed by the continuous booing, the All Progressives Congress lawmakers attacked their counterparts in the PDP, leading to exchange of blows while the president went ahead with his budget proposal.
Trouble started after some APC lawmakers seized the placards which some of their PDP colleagues planned to use in protesting against the president.
When President Buhari said, “We have weathered the storms and made progress on every front,” and that “The economy has recovered well,” the PDP lawmakers thundered, “Nooooo! and Boooo!”
Fighting started when Kano APC lawmaker, Bashir Baballe, tore into shreds the placard he had forcefully collected from Bayelsa PDP lawmaker, Diri Douye.
Later, Senators Godswill Akpabio and Sam Anyawu exchanged insults as other lawmakers joined the fray.
