Just in: Senate passes 2019 budget for second reading

The Senate, on Tuesday, passed the 2019 budget estimates of N8.83 trillion for second reading.

The passing of the budget for second reading followed an exhaustive debate on the money bill with senators contributing to the debate.

Senators had, on Wednesday last week, commenced the debate on the budget with some of them expressing fears about the “high level of debt” the country was getting into.

Some of the senators had expressed reservations about the plans by the Executive arm to borrow from both internal and domestic sources to fund the 2019 budget.

The senators said, should Nigeria continue to borrow money to fund the deficits in her annual budgets, the country would be hugely indebted in the end without any means to repay.

After the second reading of the bill, it was referred to relevant committees of the Senate for further action.