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Total Releases For 2018 Capital Budget Now N460Bn – Udoma

The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, on Wednesday put the total capital budget releases from the 2018 budget at a total sum of N460 billion.

The minister disclosed the figure while fielding questions from journalists at the sidelines of the ongoing IMF and World Bank Group Annual Meetings in Bali, Indonesia.

This is even as he hinted that the Executive would present its 2018 borrowing plan to support the 2018 budget as soon as National Assembly re-convenes from its recess since July to finalise deliberations on the plan.

Udoma clarified: “You know that President Muhammadu Buhari has sent a letter to the National Assembly, asking for the approval of the borrowings to support the 2018 budget and the National Assembly has been on recess over the last two months.

“They (National Assembly) did not deal with it but they are back and we are optimistic; once they approve the borrowing plan, we will be able to move very quickly”, the minister added.

The Senate on Tuesday confirmed the receipt of an Executive Communication from President Buhari asking the National Assembly to approve a request for the issuance of  $2.786 billion Eurobond to bridge partially the 2018 budget’s deficit gap.

The President of the Senate, Bukola Saraki, read the contents of the Executive Communication forwarded by the President on the issuance of $2.786 billion Eurobond to finance the 2018 budget’s deficit.

President stated in the Executive communication that the request for the distinct and specific resolutions of the National Assembly for the $2.786 billion Eurobond was in line with the provisions of Sections 21(1) and 27(1) of the Debt Management Office (DMO).

 

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