Buhari sends N465.64b supplementary budget to NASS

Buhari sends N465.64b supplementary budget to NASS

• President Muhammadu Buhari

President Muhammadu Buhari on Wednesday
submitted N465, 636,926,857 supplementary
Appropriation Bill to the National Assembly for
consideration and approval.

Buhari said N460, 636,926,857 only is for additional
recurrent (Non Debt), while the balance of N5,
000,000,000 is for contribution to the Development
Fund for additional Capital Expenditure for the year
ending December 31, 2015.

Senate President, Abubakar Bukola Saraki, read the
Presidential communication containing the
breakdown of the supplementary budget on the
floor of the Senate.

Buhari said the supplementary budget became
necessary because the implementation of the 2015
budget has been flawed with significant revenue
shortfalls due to continuous decline in oil price and
oil production shortfall.

He added that owing to the need to sustain the
current progress in addressing the security
challenges and other important obligations of
government, emergency expenditure items
required urgent funding which is projected at
465.64 billion
Buhari in the memo said, “The Senate President
you may wish to recall that the 2015 budget was
predicated on oil production of 2.2782 million
barrels per day, benchmark oil price of $53 per
barrel and an exchange rate of N190 per dollar.

“Based on these three assumptions the following
fiscal budget was projected:

“1. FGN budget revenue N3.452 trillion made of
share of oil and mineral revenue- N1.645 trillion
share of non oil revenue N1.215 trillion, FGN
Independent revenue N489.3 billion

“2. FGN aggregate expenditure was estimated at
N4.485 trillion, comprising of statutory transfers-
N354.34 billion, debt service-N953.6 billion,
recurrent-non debt personnel cost-N1.828 trillion,
recurrent non debt overhead -N791. 2billion,
capital expenditure – N536. 6 billion.”

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