TheCable

Udoma Udoma, minister of budget and national planning, says President Muhammadu Buhari is yet to receive the 2018 budget passed by the national assembly.

Udoma disclosed this on Wednesday while responding to questions from state house correspondents at the end of the of federal executive council (FEC) meeting.

On May 16, the national assembly had approved the budget,  six months after it was submitted by the president.

While the lawmakers raised the price of oil benchmark from $45 to $51, they maintained oil production at 2.3 million barrels per day and exchange rate at N305 to a dollar.

The budget was raised from 8.6 trillion to 9.1 trillion.

Udoma said the delay in transmitting the budget to the president would have negative impact on the economy.

He added that once the budget gets to the president for assent, the federal government would work on it “very quickly”.

“The president is yet to receive the budget it is therefore, impossible to make a statement about the budget that has not been received,” Udoma said.

“Once we get it, we will work very quickly on it. When it is submitted, I am sure the national assembly themselves will inform Nigerians.”

Udoma also denied claims quoting him as saying Buhari would not sign the budget.

He said despite challenges, the economy was looking up with a current gross domestic product (GDP) growth rate of 1.95 percent in the first quarter of 2018.

According to him, the GDP of the economy would peg at 3.5 percent by Q4 2018.

He added that foreign reserves were also growing at a steady pace pegging at $47billion as at May 2018.