Budget2018 appropriation bills nta news

Here are some key points about the 2018 Budget and Appropriation Bills in Nigeria, as well as some news from the National Television Authority (NTA):

2018 Budget and Appropriation Bills:

• The 2018 Budget was presented by President Muhammadu Buhari to the National Assembly on November 7, 2017.
• The budget proposal was for N8.612 trillion, with a deficit of N2.005 trillion.
• The budget was later passed by the National Assembly on May 16, 2018, with some modifications.
• The 2018 Appropriation Act was signed into law by President Buhari on June 20, 2018.

Key Provisions of the 2018 Budget:

• Capital Expenditure: N2.645 trillion (30.8% of the total budget)
• Recurrent Expenditure: N5.967 trillion (69.2% of the total budget)
• Debt Service: N2.014 trillion (23.4% of the total budget)
• Statutory Transfers: N456.38 billion (5.3% of the total budget)
• Sinking Fund: N220 billion (2.6% of the total budget)

NTA News:

• Budget Passage: NTA reported that the 2018 Budget was passed by the National Assembly after several months of deliberations and negotiations. The budget was passed with some modifications, including the allocation of more funds to the education and healthcare sectors.
• Budget Deficit: NTA reported that the 2018 Budget had a deficit of N2.005 trillion, which was expected to be financed through borrowing. The budget deficit was attributed to the decline in oil revenues and the increase in non-oil revenues.
• Capital Expenditure: NTA reported that the 2018 Budget allocated N2.645 trillion to capital expenditure, which was expected to boost economic growth and development. The capital expenditure was allocated to various sectors, including infrastructure, transportation, and agriculture.
• Debt Service: NTA reported that the 2018 Budget allocated N2.014 trillion to debt service, which was expected to increase the country's debt burden. The debt service was attributed to the country's high debt profile and the need to service the debt.

Other News:

• Economic Challenges: NTA reported that the country was facing economic challenges, including a decline in oil revenues and a rise in inflation. The challenges were attributed to the decline in global oil prices and the impact of the COVID-19 pandemic on the economy.
• Fiscal Policy: NTA reported that the government was implementing fiscal policies to address the economic challenges, including the reduction of government spending and the increase in taxes. The policies were expected to help reduce the budget deficit and increase revenue.
• Infrastructure Development: NTA reported that the government was investing in infrastructure development, including the construction of roads, bridges, and airports. The investments were expected to boost economic growth and development.

I hope this information is helpful. Let me know if you have any further questions!