PROTOCOLS
1. As you are all aware, some weeks ago, the National
Assembly passed the 2019 Appropriation Bill which I will be signing into
law today.
2. I would like to take this opportunity to thank the
leadership of the National Assembly and indeed all the Distinguished and
Honourable Members for all the hard work they put in to get us here.
3. You will all recall that in December 2018, I
presented our 2019 budget proposal with the theme “Budget of
Continuity”. Our goal was to use this budget to move the economy
further on the path of inclusive, diversified and sustainable growth.
4. Back then, I proposed a total expenditure of N8.83
trillion to the National Assembly for appropriation targeting strategic
and impactful projects and initiatives.
5. However, the 2019 Budget I will be signing into law
today provides for aggregate expenditures of N8.92 trillion. This is an
increase of N90.33 billion over our submission.
6. This increase reflects changes introduced by the
National Assembly. In some areas, expenses we proposed were reduced
while in other areas they were increased. There were also certain areas
where new additions were introduced into the budget. More details of the
approved budget will be provided by the Honourable Minister of Budget
and National Planning.
7. Of course, some of these changes will adversely
impact our programs making it difficult for us to achieve the objectives
of the Economic Recovery and Growth Plan (ERGP).
8. Although I will be signing this bill, it is my
intention to continue to engage the National Assembly to ensure we
deliver on our promises. I will therefore be engaging with the
leadership of the ninth National Assembly, as soon as they emerge, to
address some of our concerns with this Budget.
9. We will also look at how to improve the budget
process so that, amongst other things, we can speed up budget
consideration processes and return the country to the January to
December fiscal year timetable.
10. I wish to acknowledge the efforts of the Minister of
Budget and National Planning, Minister of Finance, Budget Office of the
Federation, and everyone who collaborated and worked painstakingly to
produce the 2019 Appropriation Bill I am signing today.
11. May God continue to bless the Federal Republic of
Nigeria.