OrderPaperToday – It is no longer news that the National Assembly passed the 2018 budget during the week. The initially proposed budget of N8.6trillion by President Muhammadu Buhari was increased to N9.1trillion just as the oil bench mark was raised from $45 to $51.
The following were approved for appropriation in 2018: N530billion for statutory transfers; N2.2trillion for debt service; N190billion for sinking funds to aid maturing loans; N3.5trillion for recurrent non-debt expenditure; and N2.8trillion for development fund for capital expenditure.
Also during the week, the Senate approved the 2017 budget of the Nigerian Communications Commission (NCC) and the Universal Service Provision Fund (USPF), to the tune of N204billion and N9billion respectively. The approval was given after the Chairman of Senate Committee on Communications, Gilbert Nnaji, presented a report and the red chamber extended the budget spending to 30th June, 2018.
Significantly, an economic reform bill, Companies and Allied Matters Act (CAMA) (amendment) bill was passed in the red chamber. This bill seeks to help Small and Medium Enterprises (SME) as well as create attractive investment environment