Business
2018 Budget Passage, A Relief To The Nation – FRC
Acting Chairman, Fiscal Responsibility Commission (FRC), Mr Victor Muruako, says the passage of the 2018 Appropriation Bill by the National Assembly is a relief to the nation.
Muruako said this while speaking to newsmen yesterday in Abuja, in reaction to the recent passage of the budget.
He said it would also bring hope to the populace and boost the economy.
He also said the crude oil benchmark which was increased from 45 dollars per barrel to 51 dollars per barrel was the right thing to do, considering the current price of crude oil globally.
“The crude oil price benchmark is very realistic because if you look at the current crude oil price you will see that 51 dollars is fair enough, because the essence of these things is not to have an unrealistic estimate.
“Presently, crude is going for 78 to 80 dollars per barrel and I think 51 dollars is even conservative but it is better to be on the safe side, so for me it is a commendable effort,” Muruako said.
He also said the increase in the budget estimate by the National Assembly by N508 billion was in the interest of the country.
Muruako added that the legislative arm had been working very closely with the executive to ensure that things are done properly.
The National Assembly on Wednesday passed the 2018 Appropriation Bill of N9.12 trillion from the N8.61 trillion proposed by President Muhammadu Buhari in November, 2017.
The budget expenditure was premised on oil price benchmark of 51 dollars per barrel as against 45 dollars proposed by the President.
Crude oil production was bench-marked at 2.3 million barrels per day and exchange rate of N305 to one dollar.
Our source reports that economic analysts have, over the months, expected the budget to be passed by the National Assembly, citing grave consequences the delay could cause for the economy and the nation at large.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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