Following the presentation of the joint Committee on
Appropriations and Finance report to the Senate as well as that of the House of
Representatives, the nation’s budget in the tune of N7.441 has been passed into
law.
Presenting the report to the Senate, Chairman of the Committee, Senator Danjuma
Goje highlighted that the figure which was presented by President Muhammadu
Buhari in December, 2016.
“That Senate do consider the report of the Committee on
Appropriations on the 2017 Appropriation Bill,” Goje submitted.
Deputy Senate President, Ike Ekweremadu was emphatic about
the availability of copies of budget document with details, saying such made it
unique. He stressed that it made it different from past processes.
“This is the first time that copies of bills was made
available with its details and I think there is a difference compared to the
past ones.”
He revealed that consultation through public hearing did
simplify it, while asking that the approach as it were, should be sustained.
“There were lot of consultation between the legislature and
executive and even the public hearing where civil society organisations were
involved made it possible for the consideration.”
“We have moved from budget circle from January to May and
hopefully we will move it to January so that budget proposal can be coming in
December of every year.”
He also commended Nigerians for showing understanding and
support during the budget process, noting that the legislature was aware of
their curiosity.
Senator George Akume, however, decried that his Senatorial
zone was not adequately captured in road construction, saying he will make sure
that the 2018 budget addresses it.
Shehu Sani on his part, was optimistic that the budget would
address socio-economic wellbeing of Nigerians.
After various contributions, the Senate retired to the
Committee of the whole to pass the budget.
Meanwhile, the oil benchmark upon which the budget was
structured was 44.5 dollar per barrel on a production of 2.2 million barrels
per day.
An economic analyst who spoke with DAILY POST in Abuja
explained that, “We have the highest budget in Nigeria’s democratic history,
but the determinant factor to the implementation of the budget would be high
rate of local currency to dollars.”
He said that the purchasing power has been weakened compared
to the impact the huge sum would have been on the nation’s economy.
