Tuesday 1 December 2015

Senate approves N575 billion supplementary budget

National Assembly
The National Assembly in Nigeria has approved a reviewed amount of N574,532,726,857 as supplementary appropriation for the 2015 Fiscal Year.

The supplementary budget was sent to the National Assembly on November 18 by President Muhammadu Buhari.

President Buhari had requested for 465.6 billion Naira but the National Assembly reviewed the amount, adding 108.9 billion Naira.

According to the National Assembly, the added 108 billion Naira will offset subsidy debts for the last quarter of 2015 which was not captured in the 2015 budget.

They said the addition was to ensure that the funds which, were not captured, would not lead to industrial action that could result in fuel scarcity.

A breakdown of the approved supplementary budget showed that petroleum subsidy payment would now gulp 522.2 billion Naira, the fight against insurgency under operation Zaman Lafiya in the north-east would gulp 29.9 billion Naira while the Nigerian Army is to get 17.4 billion Naira.

The Victims Support Fund would gulp five billion Naira while the Outstanding Severance Gratuity and Allowances of outgone and incoming legislators and their aides will take 10.6 billion Naira.

The Chairman, Senate Committee on Appropriation, Senator Danjuma Goje‎, explained that 90 per cent of the supplementary budget was meant for the payment of subsidy to major oil marketers who imported 52 per cent of petroleum products.

Giving further breakdown of the budget, the House of Representatives said that the additional funds were for subsidy payments from October to December 2015.

Credit: Channels

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