DONE AT LAST: OSINBAJO SIGNS 2017 BUDGET

President Yemi Osinbajo finally signed
the Appropriation Bill into law at exactly
4.41pm Monday surrounded by principal
officers from the National Assembly.
At the signing event were Senate
President Bukola Saraki, Speaker of the
House of Representatives Yakubu
Dogara, the Minister of Budget and
National Planning, Senator Udo Udoma
and Chief of Staff to the president, Abba
Kyari.

Both Senior Special Assistant on National
Assembly Matters (Senate) Senator Ita
Enang and his counterpart in charge of
the House of Representatives Hon.
Usumiala Kao presented the
Appropriation Bill to the Acting President
at exactly 4:41pm.

Osinbajo later signed the N7.441 trillion
2017 Budget, christened Budget of
Growth and Recovery which was
approved by the National Assembly on
May 11, raising it from N7.298 trillion to
N7.441 trillion. The budget was
submitted to the Presidency on May 19.

With the signing of the 2017 Budget, the
federal government will authorize the
issue from the Consolidated Revenue
Fund of the Federation of the total sum
of N7.441,175,486,758.

Of that amount N438,412,952,249 will be
for statutory transfers.

N1.841,345,727,206 will be for debt
service. N177,416,296,707 will be for a
Sinking Fund for maturing bonds.

N2.987,550,3436 will be for recurrent
non-debt expenditure while the sum of
N2.177,866,775,867 will be for
contribution to the Development Fund for
capital expenditure exclusive of capital
expenditure in statutory transfers for the
year ending on 31st December 2017.

In his remarks shortly after signing the
document, Osinbajo said the executive
will be returning to the legislature for an
upward review of the budget by way of
virement.

Other principal officers from the National
Assembly present were Deputy Senate
President Ike Ekweremamdu, Senate
Majority Leader, Ahmed Lawan, Danjuma
Goje, Senate Chairman Appropriation
Committee, Femi Gbajabiamila, Chairman
Appropriation Committee, Senator Philip
Aduda among others.

Others who witnessed the signing were
Deputy Chief of Staff, Ade Ikpaye, Head
of the Civil Service of the Federation,
Winifired Oyo-Ita, Acting Secretary to the
Government of the Federation, Habiba
Lawal, ministers, heads of key
government agencies, presidential aides
among others.