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Buhari seeks Senate approval for N465bn supplementary budget

The Senate President, Bukola Saraki, Wednesday, read a letter from President Muhammadu Buhari, seeking approval for the 2015 supplementary budget of N465 billion from the Consolidated Revenue Fund of the Federation.

In his letter, Mr. Buhari said the supplementary budget became imperative as a result of shortage of funds to carry out important projects in the country.

Of the amount, N460 billion is for additional recurrent expenditure (non debt).

The remaining five billion is for “contribution to the Development Fund for additional Capital Expenditure for the year ending on 31st day of December, 2015”.

Further breakdown of the budget shows N413 billion is for settlement of subsidy claims, while N39 billion is for operation Lafiya Dole – the anti-insurgency campaign in the northeast.

Also, the National Assembly Management is to get N10billion to cover outstanding payment of severance gratuity and allowances of outgone and incoming legislators and legislative sides.

The National Sports Commission will get N1.5 billion for All African Games qualification for Rio 2016 Olympics.

Provision of prison rations and feeding for students of unity schools will claim N2 billion.

The N5 billion capital expenditure is wholly for victims support funds.

Mr. Buhari also requested approval of the Senate for “an upward revision of the new borrowing from N882.1 trillion to N2.103 trillion”.

Similarly, he also asked for “an upward review of the fiscal deficit from 1.09 per cent of GDP to 2.19 per cent of GDP”.

Post From Premium Times Nigeria

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