Business
Dogara Urges Buhari To Sign Budget Presentation Bill
Speaker of the House of Representatives, Hon Yakubu Dogara has urged President Muhammadu Buhari to assent to the Constitutional Amendment Bill which provides for Appropriation Bill submission to National Assembly in September.
Dogara made the call in his remarks at the resumption of plenary, yesterday, after a three-week recess by the National Assembly.
He said that as the bill had not been signed, “any talk of an orderly appropriation process will be mere cheap talk’’.
The amendment bill stipulates that the President shall prepare and lay before each House of the National Assembly, estimates of revenue and expenditure 90 days before the end of the fiscal year.
The bill was transmitted to the President along with other constitutional amendment bills, some of which he has assented to.
“It is as a result of this that the National Assembly proposed an amendment to the section to require the President to submit the Appropriation Bill not later than 90 days to the end of the financial year.
“The President has not yet signed this bill which is so critical to an orderly appropriation process.
“Let me use this opportunity to remind the President of the fact that if this bill doesn’t become law, any talk of an orderly appropriation process will be mere cheap talk.
“It is important to reiterate once again that the National Assembly has the constitutional powers, duty and responsibility to intervene in the budgeting process to ensure equity and federal character.
“It also entails even distribution of projects and amenities as direct representatives of the people,’’ Dogara said.
He added that it was important to emphasise that the 2018 budget benefitted from active cooperation and consultation between the executive and legislature during the appropriation process.
“No doubt, Nigeria’s budgeting processes are in need of further reforms.
“That is why the National Assembly took the bold initiative to introduce the budget process bill that is expected to lay out timelines that will guide the appropriation process from conception to passage.
“But, for this bill to be passed, section (81) subsection (1) which gives the President power to prepare and lay before the National Assembly estimates of revenue and expenditure in the financial year, must be amended,” he said.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
