The presidency has again accused the National Assembly of distortions in the 2018 budget signed on Wednesday by President Muhammadu. President Buhari after signing the fiscal document raised concerns over discrepancies and cuts in allocations to critical projects as proposed by the executive. A statement yesterday by the Special Adviser on Media and Publicity, Mr. Femi Adesina, said the National Assembly had approached the executive with the request to increase the benchmark price by US$5, from US$45 to US$50 in the budget.
According to Adesina, the lawmakers had explained that they intended to utilise US$2 (amounting to about N170 billion) for projects selected by themselves.
He said, in the process, the lawmakers also requested the executive to suggest important projects that could be accommodated with the funds arising from the balance of US$3. According to him, the executive while considering the request raised concerns that an increase in the benchmark price of crude oil to US$50 was not unrealistic. Adesina said despite this view, President decided to accept request of NASS for the increase in the spirit of compromise required for a successful budget exercise. The presidential spokesman confirmed that both the executive and the legislature were in touch throughout the budget process.
The statement noted that “the executive was approached by the National Assembly who indicated that they intended to increase the benchmark price by US$5, from US$45 to US$50.
Out of the US$5 increase the National Assembly informed the Executive that they intended to utilize US$2 (amounting to about N170 billion) for projects selected by themselves. “They asked the Executive to suggest important projects that could be accommodated with the funds arising from the balance of US$3.”
