Updated: National Assembly passes N7.441trn budget for 2017 fiscal year

The National Assembly has passed the N7.441 trillion for the 2017 fiscal year, with a warning to the Executive not to change the details as passed by the Legislature.

The 2017 budget showed a 2.18 percent deficit of N2,356,773,720,940; oil production pegged at 2.2mbpd and $44.5 crude oil benchmark and N305/$1 exchange rate.

According to the details of the budget passed by both the Senate and House of Representatives, from the total sum of N434,412,950,249 provided under the Statutory Transfer, N125 billion is for National Assembly; National Judicial Council gets N100 billion, followed by N95,189,395,583 for Universal Basic Education; N64,023,554,666 for Niger Delta Development Commission (NDDC); N45 billion for Independent National Electoral Commission (INEC); N4 billion for Public Complaimts Commission and N1.2 billion for National Human Right Commission, respectively.

Out of total sum of N1,663,885,430,499 approved for Debt service, the sum of N1,488,002,436,547 is for Domestic Debts while N175,882,993,952 is for foreign debts.

For the first time in the history of the Legislature, the details of N125 billion was made public.

According to the document seen by BusinessDay, National Assembly management got N14,919,065,013; Senate got N31,098,765,886; House of Representatives got N49,052,743,983; National Assembly Service Commission got N2,415,712,873; Legislative Aides got N9,602,095,928; Public Accounts Committee- Senate got N118,970,251; House Public Accounts Committee got N142,764,258; General Service got N12,584,672,079; National Legislative Institute got N4,373,813,596 while sum of N391,396,169 was provided under Service Wide Vote.

To clarify the timeline for the implementation of the 2017 budget, the National Assembly explained that the budget  “will run for a course of 12 months starting from the date it is assented into law,” by Mr. President, in line with the provisions of Section 318 of the 1999 Constitution as amended.

Senate President Bukola Saraki has called on President Muhammadu Buhari to ensure that the 2018 budget is submitted in line with the Fiscal Responsibility Act.

Speaking after the passage of the N7.441trillion budget, he lamented that if the Executive had submitted the appropriation bill on time, the National Assembly would have passed it promptly.

President Buhari submitted the budget to a joint session of the National Assembly on December 14, 2016.

“As for preparing for 2018 (budget) it is clear that the minimum of three to four months is required in other to do a good process and that is why we are appealling on the Executive to ensure that by end of September the latest we can get the 2018 budget so that we can keep to December or January passage,” Saraki stated.

In his part, Speaker Yakubu Dogara who explained to some of the lawmakers who protested against the N76,281,025,753 and N51,933,366,906 allocations to National Security Adviser (NSA) and Secretary to the Government of the Federation (SGF), noted that other MDAs also got huge allocation.

While reacting to the agitation over the passage of the budget allocations for SGF and NSA, Abdulrazak Namdas, Chairman, House Committee on Media and Public Affairs said: “I was among those who opposed that it should be carried but not all those mummured are aggrieved

He assured that National Assembly’ bureaucracy will transmit the harmonised budget to Mr President for assent.

For the first time, we laid the budget with details so that nobody comes out to say they are not aware, we will continue to build on these successes,” Namdas said.

Sequel to the passage of the budget, the National mandated the Accountant General of the Federation (AGF) to “maintain a separate record for the documentation of Revenue accruing to the Consolidated Revenue Fund in excess of oil price benchmark adopted in this Budget.

“Such revenues as specified in Subsection (1) of this section refers to Revenues accruing from sales of government crude oil in excess of $44.5 per barrel, the Petroleum Profit Tax and Royalty on Oil and Gas.”