President Muhammadu Buhari on Wednesday presented a N8.83 trillion Appropriation Bill to the joint session of the National Assembly for the 2019 fiscal year.
According to the president, the budget is predicated on $68 per barrel of oil benchmark at 2.3 million litres production per day, a GDP growth rate of 3.01 percent and inflation rate of 9.98 percent.
A further analysis of the budget proposal presented to the National Assembly by President Buhari showed further: Recurrent – N4.04 trillion Debt service – N2.14 trillion Statutory transfer – N492.36 billion Sinking fund – N120 billion Capital expenditure – N2.031 trillion.
While presenting the Bill, the President Buhari promised to implement a new minimum wage to promote job creation and industrial peace in the country.
He assured: “We have included the implementation for the National Minimum Wage. I will be sending a Bill to this National Assembly, on this.”
According to him, a special committee would be set up to look into the current fiasco concerning the minimum wage and come up with ideas of reducing debt and yet, increasing the minimum wage.
The President said: “We thank the Armed Forces and Security Agencies for their efforts and sacrifices in protecting the nation. We have also made many efforts to enhance transparency and accountability in public service delivery.
“Inflation has declined from 18.2% in January to 11.28% in November. Foreign Capital Influence has also improved.
“Trading is a significant contributor to our country’s economy. But we must strengthen other areas such as Information Technology and Entertainment; all hands must be on deck to ensure the country succeeds.
“In Agriculture, we are seeing increased investments in all areas of the sector. Indeed, we are on course to achieve good security in the nearest future. We also prioritized the completion of already ongoing projects as opposed to starting new ones.
“We also prioritized the completion of already ongoing projects as opposed to starting new ones. To further support SME’s, we have set aside N15 billion while the sum of N10 billion has been granted to BOI for this purpose.
“I hereby present and lay the 2019 Budget to the floor of the National Assembly for consideration and passage. We can all commit to the early passage of this Bill. I thank you most sincerely for your attention. God bless the Federal Republic of Nigeria.”, President Buhari added.
The President told the lawmakers that in order to meet the crude oil production target, the Nigerian National Petroleum Corporation (NNPC) had been directed to take all measures to achieve the 2.3 million per day.
President Buhari, who arrived at exactly 12.40 p.m, was accompanied by ministers and other members of the federal cabinet who having arrived earlier had taken their seats in the House of Representatives’ chamber.