FG presents N229bn supplementary budget to National Assembly

President Muhammadu Buhari today submitted a N228.9 billion supplementary budget for 2018 to National Assembly after a six-month delay in getting the main budget approved.
In a letter accompanying the draft supplementary budget, Buhari said implementing the main N9.12 trillion budget for the year will be extremely challenging without elaborating.
The new supplementary budget includes N164 billion to prepare for the 2019 elections and N64.7 billion to reinstate projects cut by lawmakers from the main 2018 budget, signed into law last month after over a half a year of wrangling.
President Bukari had in June signed the 2018 appropriation bill into law.
The total budget is N9.1 trillion, up from the N8.6 trillion estimates he submitted to the Assembly on November 7, 2017.
The two chambers of the National Assembly passed the budget on May 16, six months after it was presented by the president.
The Assembly raised the total figure by N500 million. They also increased the oil benchmark proposed by the executive from $45 to $51 per barrel.
The Assembly, however, retained oil production volume proposed at 2.3 million barrels per day and an exchange rate at N305 to $1.
The budget as passed by the two chambers also has N530.4 billion as statutory transfer; N2.2 trillion for debt service; N1,95 trillion as fiscal deficit.