President Muhammadu Buhari has presented N8.83trillion budget proposal for 2019 to a joint session of the National Assembly, NASS.
Buhari was accompanied to the National Assembly by Vice President Yemi Osinbajo and members of the Federal Executive Council, FEC, on Wednesday.
Loud ovation and encomiums heralded Buhari’s arrival to the joint session with shouts of “Sai Baba’’ as he waved to the crowd.
Senate President Bukola Saraki and Speaker of House of Representatives Yakubu Dogara jointly presided over the joint session, with Saraki introducing the ceremony, Premium Times reports.
The proposed budget shows that about a quarter of the sum (N2.14 trillion) will be used for debt servicing while capital expenditure is expected to gulp N2.031 trillion.
See more breakdown below.
Recurrent – N4.04 trillion
Debt service – N2.14 trillion
Statutory transfer – N492.36 billion
Sinking fund – N120 billion
Capital expenditure – N2.031 trillion