Businesses shut at national assembly ahead of Buhari’s budget presentation


Banks and shops operating within the National Assembly Complex did not be open for business on Tuesday because of the budget presentation by President Muhammadu Buhari.

On Thursday, the president wrote a letter to the national assembly, requesting to present the estimates of the budget to by 2pm on Tuesday.

According to the 2018-2020 medium term expenditure framework and fiscal strategy paper, the federal government plans to spend about N8.6 trillion next year, a 15% increase from the N7.44 trillion budgeted for 2017.

There is an estimated revenue of N5.65 trillion, 43.2% of funds are projected to come from oil revenue, while 56.8% is to be earned from non-oil sources, resulting in a shortfall of approximately N3.52 trillion.

Oil benchmark for 2018 is estimated at $53 per barrel, up from the $44. 5 per barrel in the 2017 budget.

The MTEF had been earlier sent to the national assembly in compliance with the provisions of the Fiscal Responsibility Act, 2007.

As of 8:30am on Tuesday, people who were denied access to the national assembly remained at the entrance.

Aides, and journalists who were not accredited were also turned back at the main gate of the complex.

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