THE House of Representatives on Tuesday commenced debate on the general principle of 2018 budget, with members decrying dismal implementation of 2017 capital component of the budget.
This is coming just as Deputy Speaker, Honourable Lasun Yusuf hinted that from tomorrow (November 30) the House would suspend plenary for oversight assessment of the 2017 budget and to conduct the defence of 2018 budget estimates.
Some members had raised point of order against the backdrop of non-passage of the 2018-2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), but they were ruled out of order by the Deputy Speaker who dropped the proposed plan of the House Leadership on budget passage.
The Deputy Speaker then urged members to allow debate to continue, saying that, despite the fact that the relevant committees of the House have not concluded work on MTEF, noting that the MTEF work would be concluded in the next 24 hours.
Specifically, Chairman, House Committee on Public Accounts, Honourable Kingsley pointed out that in line with Fiscal Responsibility Act, we need to pass MTEF/FSP and consequently urged members to step down debate on general principle of the 2018 budget estimates and allow work to be concluded on MTEF documents before debate in line with the Fiscal Responsibility Act, FRA.
The House Leader, Honourable Femi Gbajabiamila later moved that the “A Bill for an Act to Authorize the issue from the Consolidated Revenue Fund of the Federation the total sum of ₦8,612,236,953,214 (Eight Trillion, Six Hundred and Twelve Billion, Two Hundred and Thirty-Six Million, Nine Hundred and Fifty-Three Thousand, Two Hundred and Fourteen Naira) only, of which ₦456,458,654,074 (Four Hundred and Fifty-Six Billion, Four Hundred and Fifty-Eight Million, Six Hundred and Fifty-Four Thousand, Seventy-Four Naira) only, is for Statutory Transfers, ₦2,233,835,365,699 (Two Trillion, Two Hundred and Thirty-Three Billion, Eight Hundred and Thirty-Five Million, Three Hundred and Sixty-Five Thousand, Six Hundred and Ninety-Nine Naira) only, is for Debt Service, ₦3,494,277,820,219 (Three Trillion, Four Hundred Ninety-Four Billion, Two Hundred and Seventy-Seven Million, Eight Hundred and Twenty-Thousand, Two Hundred and Nineteen Naira) only, is for Recurrent (Non-Debt) Expenditure while the sum of ₦2,427,665,113,222 (Two Trillion, Four Hundred and Twenty-Seven Billion, Six Hundred and Sixty-Five Million, One Hundred and Thirteen Thousand, Two Hundred and Twenty-Two Naira) only, is for contribution to the Development Fund for Capital Expenditure for the year ending on 31 December, 2018 (HB. 1207) (First Allotted Day)” for second reading.
In his lead debate, Honourable Gbajabiamila said that in the 2018 Appropriation Bill federal government was expected to generate N6.6trillion revenue with 45 dollars oil benchmark.
Other parameters according to him, included oil production estimate of 2.3 million barrels per day and exchange rate of N305 to a dollar.
He added that the budget was designed to get us out of recession in quick time adding that, to shore up revenue generation federal government have deployed new technology for tax collection.
He however informed his colleagues that they were free to criticise the budget estimates but cautioned that they should not lose sight of the bigger picture.
In his own contribution, Honourable Abubakar Yinusa said that in scrutinizing the budget estimates, due diligence must be ensured by the committees.
He also said that capital budget must be higher than recurrent.
Honourable Abubakar Chika Adamu while contributing said that, there is a need for the executive and the legislature to sit down to chart a good course for this nation’s development.
He added that the Federal Government is expected to produce superstructure, noting that instead lawmakers have been reduced to providing boreholes, tricycles which will not help sustainable development.
Also, Honourable Tahir Monguno said that the 2018 budget still remains in the realm of the estimate, he however said that, “So long as the budget is not implemented to the letter, Nigerians will be deprived of the full benefit of the budget.
The lawmaker also said that, dismal implementation of a budget has remained a clog in the wheel of the country’s progress, adding that the National Assembly must take the bull by the horn and do something about budget implementation.
He further stated that, if constitutional amendment through legislative intervention is required, let’s do it to enable significant improvement in the implementation of budgets.
Honourable Isiaka Ayokunle while contributing said that “I’ve not seen anything tangible that can move this country forward in the budget”.
Debates on the budget continues on Wednesday.
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