President Muhammadu Buhari yesterday signed the 2019 appropriation bill of N8.91 trillion into law. The National Assembly had passed the budget into law after increasing the budget size from its initial N8.83 trillion. The 2019 budget has an expenditure profile of N8.91 trillion, which is N90.3 billion higher than the proposed N8.83 trillion budget initially sent to the National Assembly by the Executive on December 12, 2018. The Minister of Budget and National Planning, Senator Udoma Udo Udoma noted that the budget increase by the National Assembly has raised the budgetary deficit by N58.83 billion thereby putting the Federal Government under pressure to find solutions to fund this deficit. He also explained that the deficit is likely to lead to an increase in borrowings.
The contents of this news alert are meant for the general information of our clients and friends and do not amount to legal advice. All enquiries on the subject may be made to: email@example.com
Adepetun Caxton-Martins Agbor & Segun
9th Floor, St. Nicholas House, Catholic Mission Street, Lagos Island, Lagos State, Nigeria.
Telephone: +234 (1) 462 2094; 462 2480; 740 6743 Fax: +234 (1) 461 3140