The National Assembly is yet to transmit the 2018 Appropriation Bill to President Muhammadu Buhari for assent, one week after it passed the document, Budget and National Planning Minister, Mr. Udoma Udo Udoma has said.
Udoma spoke Wednesday, after the weekly meeting of the Federal Executive Council (FEC) in Abuja, denying reports which quoted him as saying that the budget will not be signed.
He expressed fears that the delay in transmitting the budget to the President may have the negative impact on the economy.
Udoma, however, assured that the government would work to cushion any shock that may arise from the delay.
He said: “The President is yet to receive the budget. It is, therefore, impossible to make a statement about the budget that has not been received.
“Once we get it, we will work very quickly on it. When it is submitted, I am sure the National Assembly itself will inform Nigerians.”
For him, the economy, despite challenges, is looking up with a current GDP growth rate of 1.95percent in the first quarter of 2018.
The minister expressed confidence that the projected 3.5 percent GDP growth is achievable by the fourth quarter of 2018, adding that the foreign reserves were also growing at a steady pace pegging at $47billion as at May 2018.
Meanwhile, the FEC approved consultancy service for the construction of technology building to shelter data communication, command and control centre, to be managed by the Nigeria Immigration Service (NIS).