President Buhari signs 2018 budget

After much anticipation, President Muhammadu
Buhari signed the 2018 appropriation bill into law on
Wednesday, June 20.

Speaking to the leadership of the National
Assembly during the signing of the document,
the president stated that notwithstanding the
delay of the signing of the 2018 budget, he is
determined to continue to work with the
National Assembly towards improving the
budgeting process and restoring our country to
the January-December fiscal cycle.
He said: " I would like to thank the leadership of the
National Assembly, particularly the Senate President and
the Speaker of the House of Representatives, as well as all
the Distinguished Senators and Honourable Members, for
passing the 2018 Appropriation Bill, after seven months.
"When I submitted the 2018 Budget proposals to the
National Assembly on 7th November 2017, I had hoped that
the usual legislative review process would be quick, so as to
move Nigeria towards a predictable January-December
financial year. The importance of this predictability cannot
be overemphasized.
"While the Federal Government’s budget represents less
than 10% of aggregate yearly expenditures in the economy,
it has a very significant accelerator effect on the financial
plans of other tiers of government, and even more
importantly, the private sector, which mostly operates on a
January-December financial year.
"Notwithstanding the delay this year, I am determined to
continue to work with the National Assembly towards
improving the budgeting process and restoring our country
to the January-December fiscal cycle."
A source within the government had stated that
the president frowned at an excess of N500
billion in the N8.6 trillion proposal submitted to
the National Assembly last November, adding
that Buhari is focused on not bringing the
machinery of the government to a standstill.
The president's assent to the document comes
after the joint session of the National Assembly
committee on appropriation, passed the 2018
Appropriation Bill.
The Senate increased the proposal of N8.612
trillion presented by President Muhammadu

Buhari in December 2017, to N9.120trn.

In another report, the federal government is
making final preparation to disburse $322
million fund repatriated from the accounts of
former Head of State, late General Sani Abacha,
in Switzerland to Nigerians.
Daily Trust reports that the the national
coordinator of the Open Government Partnership
(OGP), Nigeria and special assistant to the
President on justice reforms, Juliet Ibekaku-
Nwagwu, disclosed this recently in an interactive

session with newsmen.
that Ibekeaku-Nwagwu said
under MoU with Switzerland, the funds would be
paid directly into the accounts of the poorest
Nigerians through their various accounts for two
years and identification numbers to be made
available on the website being developed by the
National Social Investment office and the World

Bank.