President Muhammadu Buhari has presented the twenty-eighteen Appropriation Bill to the National Assembly.
The eight point six-one trillion naira budget proposal, tagged: budget of consolidation, was presented to the joint session of the National Assembly this afternoon.
President Muhammadu Buhari led members of the Federal Executive Council into the National Assembly to perform one of his constitutional responsibilities, that is the presentation of the appropriation bill for the next physical year.
Briefing the joint session of the National Assembly shortly before presenting the 8.61 trillion naira budget tagged, budget of consolidation, President Muhammadu Buhari said the budget will consolidate on the 2017 budget and build on the economic recovery and growth plan.
The president said 30.8 percent of the budget will be for capital expenditure with a bench mark of 45 dollars per barrel oil price and exchange rate of three hundred and five naira to a United States of America dollar.
President Buhari also told the National Assembly that his administration will continue to sustain the gains made in diversifying the economy, improving the power sector, ensuring that the nation is secured and ensures the clean-up of Ogoni land amongst others.
Earlier, Senate president, Doctor Bukola Saraki while assuring the president of the full cooperation of the National Assembly said the 2018 budget has a significant role to play in the history of the nation and called on the president to look into the area of youth unemployment and proper implementation of the budget.
On his part the Speaker, House of Representatives Yakubu Dogara commended the president for bringing the nation out of recession saying more still needed to be done.
This is the third time the President Muhammadu Buhari admiration will be presenting the appropriation bill before the National Assembly since he assumed office on May 29, 2016
Reported by Aigboje Ikhuoria