Presidency cancels FEC as Buhari signs 2018 budget Wednesday

All is now set for the signing of the 2018 Appropriation Bill into law by President Muhammadu Buhari.

This is just as the weekly Federal Executive Council meetings which regularly holds every Wednesday has been shifted until next week, following the long holidays to mark the Muslim festival of Eid-el-fitri, the festival of breaking of fast.

BusinessDay Villa sources said the budget will be signed by 12 noon on Wednesday resting speculations on when the budget will be eventually signed.

Recalled that the Special Adviser to the President on Media and Publicity, Femi Adesina had hinted last Wednesday that the budget will be signed this week without saying the exact day and time.

Adesina had declared that the exact day and time will be made public also this week, but BusinessDay reliably gathered that Principal officers of the National Assembly, including the Senate President, Bukola Saraki and Speaker, House of Representatives, Yakubu Dogara have been invited to witness the signing ceremony at the Presidential Villa, scheduled for Wednesday by 12noon.

There had been concern over the inability of the President to sign the N9.120trn budget, which was passed by the National Assembly on the 16th of May, 2018, after about six months with the  Legislature

The delay, BusinessDay gathered is not unconnected with the addition of N580 billion to the budget with a fiscal deficit of N1.955 trillion or 1.73 percent to GDP.

The budget which is said to be the largest in the nation’s history, had contained an initial proposal of N8.612 trillion sent to the joint session of the National Assembly on the 7th November, 2017; by President Muhammadu Buhari.

The key assumptions in this year’s budget include oil price benchmark of $51 as against the $45 proposed by the President and daily Crude Oil production of 2.3 million barrels per day, as well as an exchange rate of N305/$1USD.

President Buhari had provided the sum of N2.873 trillion as capital allocation in the 2018 budget, as against N3.513 trillion approved for recurrent (non-debt) expenditure,

Federal government also provided the sum of N2.014 trillion for debt serving, with N1.760 set aside for domestic debts as against N254.080 set aside for Foreign debts and additional sum of N190 billion is for sinking fund to retire matured loans.

Following several speculations on when the President will actually sign the new Appropriation Bill into law, BusinessDay Villa sources disclosed that it will be signed by 12noon on Wednesday.

“ l can assure you that the budget will be signed on Wednesday by 12 noon. There will be no FEC ( Federal Executive Council) meeting, so the President will sign the budget that day.”

Responding to question on why it was delayed for so long, our source said the need to ensure a thorough check led to the delay.

“ There was nothing out of the ordinary, it was just to ensure that a thorough job was done.”