Tag Archives: Supplementary Budget

National Assembly Passes N574.5bn Supplementary Budget

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Both chambers of the National Assembly yesterday approved N574.5bn as 2015 supplementary appropriation budget.

The amount represents additional sum of N108bn to the N465.6bn originally requested for by President Muhammadu Buhari.

The N108bn difference is meant for the payment of fuel subsidy for the last quarter of this year.

Chairman, Senate Committee on Appropriation, Senator Danjuma Goje, stated that the N413bn earlier proposed for fuel subsidy claims in President Buhari’s letter of request, only covers N120.5bn 2014 arrears and N292.8bn as claims for January to September 2015, excluding the remaining three months of October, November and December 2015 .

He added that the increase also correspondingly increased the total aggregate expenditure of the 2015 budget from N4.9trn to N5.067trn.

Highlights of the N574.5bn supplementary budget aside the N521bn appropriated for fuel subsidy claims include N29.958bn for security votes against Boko Haram insurgency, N10.6 billion for allowances of outgone and incoming legislators and legislative aides at the National Assembly, N8.1bn for Nigerian Air Force and N5bn for Boko Haram victims support fund.

Credit: NationalMirror

Senate Seeks Increase In Supplementary Budget

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The Senate Committee on Appropriation is seeking an increase in the 465.5 billion Naira supplementary budget submitted to the upper chamber last week to 573.5 billion Naira.

The new figure includes an additional 108 billion Naira meant for fuel subsidy in the last quarter of 2015, which was not captured in the 465.5 billion Naira supplementary budget.

The decision, leading to the increased budget, followed the discovery by the Senate Committee on Appropriation that the subsidy captured in the budget was only for the period covering January to September.

The committee frowned at the development, stressing that leaving the subsidy for the period of October to December out of the budget would be counter-productive and would lead the nation to another round of fuel scarcity in no distant time.

Credit: ChannelsTV