Okwe Obi, Abuja
The Federal Government earmarked over N31.563 billion for the Office of the President in the 2018 budget currently awaiting President Muhammadu Buhari’s accent. Although a breakdown of what would constitute key expenditure lines in Buhari’s office were not immediately available at the time of this report, indications are that these could include feeding, power supply, training and spending on other consumables needed for the day to day running of the presidency.
This was even as government allocated, over N3.115 billion for death benefits of military personnel while retirees are to get N3.170 billion.
Similarly, pension for military personnel got N65.61billion; administrative charges got N50 million; and pension cost, N50 billion.
The Presidency will also be spending N2.59 billion on benefits to retired heads of service and permanent secretaries whereas police pension and gratuity is to gulp N7.12 billion. In the same vein, the Nigeria Customs Service (NCS), Nigerian Immigration Service (NIS) and Prisons Pension Office will spend N8.420 billion.
The Department of State Security pension (including arrears) got N13. 961 billion, even as the Office of the Secretary to the Government of the Federation got N58. 894 billion. Entitlements of former presidents/heads of state and vice president/chief of general staff got N2.300 billion.
The budget allocated N4 billion for the Treasury Savings Account (TSA), while payment to local contractors’ debt/other liabilities is to consume N15 billion.
On the other hand subscription to shares in international organisations, International sporting competitions was N2 billion.
Meanwhile, the initial budget sent to the National Assembly was N8.12 trillion, but the lawmakers raised it to 9.1 trillion.
According to the Debt Managment, Nigeria would have to borrow more from local and international lenders to fund the 2018 budget.
In his speech, at Senate plenary, Senate President, Dr Bukola Saraki, charged President Muhammadu Buhari, to inject money into the productive sector
“We appreciate the need to spend, Mr. President.
However, we must ensure that our borrowing is targeted at the productive sector that will stimulate the economy. We must ensure real value for money in projects funded with borrowing, and make doubly sure that the projects are not overpriced.” he said.