President Muhammadu Buhari has signed the 2018 Appropriation Bill into law. The President assented to the bill on Wednesday at the Presidential Villa in Abuja, the Federal Capital Territory. In his remarks, President Buhari thanked the Senate President and the Speaker of the House of Representatives, as well as all the lawmakers for passing the 2018 Appropriation Bill.
He, however, noted, “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 President said he is determined to continue working with the National Assembly to improve the budgeting process and restoring Nigeria to the January-December fiscal cycle.
He explained that the Federal Government’s budget represents less than 10 per cent of the aggregate yearly expenditures in the economy. President Buhari also revealed that the budge has “a very significant accelerator effect” on the financial plans of other tiers of government, as well as the private sector which mostly operates on a January-December financial year.