Breaking News

Live Updates: Buhari presents 2019 budget To National Assembly

Loading...


2.08pm: President Buhari vacates the National Assembly amidst cheers and jeers from the lawmakers.

The speaker of the House, Dogara, could not give the traditional closing remarks due to the rowdiness on the floor of the House.

--------------------------------------------------------------------------------------------------------------------

"One house! One house!" Dogara says but his colleagues won't listen

It's the turn of Dogara to speak but the lawmakers have taken over the floor

Buhari has been led to his seat but he exchanged handshakes with Dogara and Saraki before sitting down

Buhari is currently taking bows in line with the tradition of the parliament

As the president rounded off his speech, his supporters hailed him while his opponents continue jeering

Buhari has laid the budget before a joint session of the national assembly



 

Going into the budget, President Buhari said N65 billion has been set aside for the Amnesty Programme in the 2019 budget, N45 billion for the northeast intervention fund and N10 billion take off capital for the North East Development Commission.

He said N15 billion has been set aside for the recapitalisatoon of the Bank of Agriculture and Bank of Industry while N10 billion has been provided for SMSEs.

--------------------------------------------------------------------------------------------------------------------FG working with the private sector to build a digital economy - Buhari

--------------------------------------------------------------------------------------------------------------------

A total of N8.83 trillion is proposed as 2019 budget – Buhari

The breakdown:

Recurrent – N4.04 trillion

Debt service – N2.14 trillion

Statutory transfer – N492.36 billion

Sinking fund – N120 billion

Capital expenditure – N2.031 trillion

I have directed that all MDAs implement the IPPIS by March 2019 – Buhari

--------------------------------------------------------------------------------------------------------------------

On minimum wage: New technical committee to be set up to determine funding of minimum wage - Buhari

--------------------------------------------------------------------------------------------------------------------

On subsidy, President Buhari said it was abused in the past but his government has made NNPC the sole importer and now, the under recovery is from NNPC account while false claim by marketers is removed.

--------------------------------------------------------------------------------------------------------------------

Of the N9.2 trillion budgeted in 2018, N4.59 trillion has been spent as at September 30 as against the N6.84 trilion target. Other items not actualised in the budget have been rolled over to 2019, he says.

The 2019 budget has been prepared on the following assumptions:

$60 per barrel of oil

2.3 million barrels per day

N305 to $1 exchange rate

Real GDP growth of 3.01%

Inflation rate of 9.98%

--------------------------------------------------------------------------------------------------------------------

Oil production for 2019 estimated at 2.3mbpd - Buhari

--------------------------------------------------------------------------------------------------------------------

"I have issued a directive on the disposal of recovered assets" - President Buhari

“We simply prioritised the completion of ongoing projects over introduction of new ones” - Buhari

President Buhari said over a hundred of these projects have been completed.

In every state in Nigeria, today there is a major road under construction – Buhari

“In the railway sector, we completed the Abuja-Kaduna rail line and the Abuja metropolis rail line. The Ajaokuta-Itakpe and Lagos-Kano rail line are on course. A significant progress has been made on the Lagos-Ibadan part of the project.” – Buhari

--------------------------------------------------------------------------------------------------------------------

President Buhari said his government has awarded the contract to dualise the Mokwa-Jebba road.

The president went ahead to state other road projects his government is working on.

On power, Mr President said a good number of projects are ongoing in the country.

As a government, we took a long term view of tracking the effect of climate change. In the last two years, we have planted over 2.3 billion seedlings in 21 states – Buhari

--------------------------------------------------------------------------------------------------------------------

Mr President says half a million graduates have been employed under the N-power scheme.

He said over 297,000 people from 26 states are benefiting from the conditional fund transfer programme of the government.

--------------------------------------------------------------------------------------------------------------------

President Buhari's presentation continues:

The presiden tsaid the Gross Domestic Product has increased from 1.7 per cent in the third quarter of 2017 to 1.81 per cent in the third quarter of 2018.

He said the foreign reserve has increased from $20.57 billion in May 2016 to $42.92 billion in December 2018.

He said inflation rate has dropped to 11.28 per cent in November 2018 from 18.72 in January 2017.

These, he said, have contributed to exchange rate stability.

“We simply prioritised the completion of ongoing projects over introduction of new ones” – Buhari

The president said over a hundred of these projects have been completed.In every state in Nigeria, today there is a major road under construction – Buhari

--------------------------------------------------------------------------------------------------------------------

“In the railway sector, we completed the Abuja-Kaduna rail line and the Abuja metropolis rail line. The Ajaokuta-Itakpe and Lagos-Kano rail line are on course. A significant progress has been made on the Lagos-Ibadan part of the project.” – Buhari

Buhari said his government has awarded the contract to dualise the Mokwa-Jebba road.

The president went ahead to state other road projects his government is working on.

--------------------------------------------------------------------------------------------------------------------

12:54: The president said the economy has recovered from recession. Some APC lawmakers applauded the president while opposition lawmakers shouted 'no'.

He continued: "We have done more work with less resources".

May I appeal to the Honourable members that the world is watching us and we are supposed to be above this – Buhari tells opposition lawmakers interrupting the presentation.

He said the federal govt and the National Economic Council are working to forestall the lingering farmers/herders crisis.

The president saluted the armed forces for their service in battling insurgency in the north-east.


12.52: Buhari is presenting the 2019 budget

--------------------------------------------------------------------------------------------------------------------

12.50pm: Saraki invites President Buhari for budget presentation




12.40pm: Buhari arrives the chamber amidst cheers and protests by lawmakers.

Some lawmakers are now chanting protest songs: “freedom cometh by struggle, freedom come, by struggle by struggle, freedom come.”

Some members loyal to the president are allegedly forcefully collecting placards from fellow members which has led to a fight among some of the members.

Fighting reportedly erupts as Kano APC lawmaker, Bashir Baballe, shreds placard collected from Diri Douye (Bayelsa, PDP).

The situation was brought under control by colleagues who intervened.

--------------------------------------------------------------------------------------------------------------------

12.35pm: The executive session by House of Representatives members has ended.

Senators are now arriving the green chamber. They are being led by the Senate president, Bukola Saraki.

--------------------------------------------------------------------------------------------------------------------

Observation: There are speculations that the budget presentation is being delayed because some lawmakers are threatening to stage a protest.

--------------------------------------------------------------------------------------------------------------------

12.30pm: The weekly Federal Executive Council meeting has been concluded as the ministers are on their way to the National Assembly to join President Buhari for the presentation of the 2019 budget proposal.

--------------------------------------------------------------------------------------------------------------------

12pm: Vice President Yemi Osinbajo, accompanied by ministers of labour, budget and national planing, amongst others have just arrived the lobby.

--------------------------------------------------------------------------------------------------------------------

11.40am: Some lawmakers have been seen with placards, possibly to protest during the budget presentation.

According to Premium Times, sources said the executive session is to prevail on those aggrieved lawmakers to shelve the planned protest.

--------------------------------------------------------------------------------------------------------------------

11.30am: President Buhari is now to be received at 12noon.

--------------------------------------------------------------------------------------------------------------------

11.17am: The House of Representatives speaker Yakubu Dogara’s procession arrives chamber.

The House adopts a motion to admit senators and Senate President Bukola Saraki into their chamber.

The motion was moved by the House Leader, Femi Gbajabiamila, and seconded by his deputy, Idris Wase.

Lawmakers have gone into a “5 minutes” executive session.

Dogara, shortly after saying the opening prayers, met with the deputy speaker, Lasun Yusuf; and majority ‎leader, Femi Gbajabiamila, after which he urged those who are not lawmakers (security men, journalists) in the chamber and at the gallery to step out.

No comments

Amiloaded readers are solely responsible for their comments, Their comments does not represent the views of the admin.

We have a comment policy, if we find your comment insultive and not good for others to read, we will be forced to remove it.

Thanks.....keep commenting, we love them