By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: NASS Deliberately Distorted 2018 Budget – Presidency
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
News

NASS Deliberately Distorted 2018 Budget – Presidency

Farouk Mohammed
By Farouk Mohammed
Published: June 22, 2018
Share
3 Min Read
SHARE

The Presidency on Friday insisted that members of the National Assembly deliberately distorted the 2018 Budget in order to increase their allocation for constituency projects.

The Special Adviser to the President on Media and Publicity, Femi Adesina, said this in a statement made available to journalists.

Adesina was reacting to the response of the National Assembly justifying its distortion of the 2018 Budget.

He said the Executive arm of government was surprised that with an additional N170bn available for the lawmakers for constituency projects and another N100bn provided for the same purpose in the budget, they still felt it was necessary to cut allocations to important national projects, and thereby distorting the budget.

- Advertisement -

The statement read, “Throughout the budget consideration process, the executive, through the Ministry of Budget and National Planning, was in touch with the National Assembly. The executive was approached by the National Assembly who indicated that they intended to increase the benchmark price by $5, from $45 to $50.

“Out of the $5 increase the National Assembly informed the Executive that they intended to utilise US$2 (amounting to about N170bn) 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 $3.

“After some consideration, the Executive was of the view that an increase in the benchmark price of crude oil to $50 was not unrealistic and the President decided to accept this in the spirit of compromise required for a successful budget exercise.

“The Executive had, in that spirit, suggested that from the additional funds arising out of the $3 increase, $1.25 from the increase should not be appropriated as expenditure, but utilised to reduce the deficit in the budget. The Executive therefore restricted itself to submitting, for the consideration of the National Assembly, important items that could be funded from $1.75 of the $3 increase. NASS eventually raised the benchmark price to $51, apparently to accommodate the additional allocations to Health and NDDC.

- Advertisement -

“The Executive is therefore surprised that with an additional sum of N170bn available for the National Assembly to spend on Constituency Projects, together with the sum of N100bn, already provided for in the Budget, that the National Assembly should feel it necessary to cut allocations to important national projects, and thereby distort the Budget, in order to further increase their allocation for Constituency projects. How much is enough!”

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:NASSNational AssemblyPresidency
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article MASSOB Condemns Arrest of Senator Enyinnaya Abaribe By DSS
Next Article Obasanjo Is Nigeria’s Most Hypocritical Former Leader – Soyinka

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 4 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Tinubu Urged by PDP to Cut Fuel and Electricity Costs Amid Eid-el-Kabir Festivities
News
Mike Ejeagha
Mike Ejeagha, Nigerian Highlife Maestro, Dies at 95
News
Tinubu Welcomes Gov Eno to APC as Political Realignments Intensify Across States
Politics Top stories
Super Eagles Rally to Draw Against Russia in International Friendly
Sport
Manchester United Raises Annual Core Profit Forecast to Between £180m and £190m After Europa League Boost
Sport
- Advertisement -
Ad imageAd image

You May Also Like

Ange Postecoglou
Sport

Tottenham Hotspur Part Ways with Ange Postecoglou Despite Europa League Glory

Yusuf Abubakar
Yusuf Abubakar
June 6, 2025
News

Dangote Names Main Refinery Access Road “Bola Ahmed Tinubu Road” in Honor of President

Muhammad A. Aliyu
Muhammad A. Aliyu
June 6, 2025
L-R: Ify Okoye, Digital Creator; Linda Ejiofor-Suleiman, Actress; Stella Erebor, Head Internal Audit, Nigerian Communications Commission; Emanuella Samuel, Comedienne/Actress, Sylvia Musalagani, Safety Policy Manager, Africa, Middle East & Turkey (AMET), Meta, and Nicole Chikwe, founder of The Mummy Summit, during the launch of Instagram teen accounts in Lagos on Wednesday, June 4, 2025
Tech

Meta Launches Teen Accounts on Instagram in Nigeria to Enhance Online Safety for Young Users

Farouk Mohammed
Farouk Mohammed
June 6, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?