Abuja - The 2015 Supplementary Budget of N465,6 billion has passed second reading at the Senate.
Leading the debate on Tuesday, Senate Majority Leader, Ali Ndume, said the N460.6 billion was for additional recurrent expenditure while the remainder was for the contribution to the development fund for additional capital expenditure for the year ending December 31.
He recalled that that the 2015 budget was predicated on oil production of 2 2782 million barrels per day with a benchmark oil price of $53 per barrel on exchange rate of N190 to the United States Dllar (US$).
Ndume added that the 2015 budget also has a projected fiscal deficit of N1.041trillion.
“The gap was expected to be financed through FGN (Federal Government of Nigeria) Bonds of N502.1 billion domestic borrowing and foreign borrowing of N380 billion,” Ndume said.
He further stated that the shortfall in oil production, falling crude oil price and exchange rates has caused challenges in implementing the 2015 budget.
“Additional funds required to fully implement the 2015 appropriation estimate is at N71.8 billion. Emergency expenditure projection not included in the 2015 appropriation is estimated to be at N465,64 billion,” he said.
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The Senate leader further gave the emergency expenditure projection to include Operation Lafiya Dole and Others N39,65 billion, Provision for prison ration and feeding for Unity Schools N2 billion, provision for balance of severance gratuity and allowance of out gone and incoming legislators and aids N10,62 billion and Emergency provision for subsidy claims N413.36 billion.
Ndume said the proposals in the supplementary appropriation were laudable and would enhance the critical needs of the citizens.
When the matter was put to vote, the lawmakers unanimously passed the budget.
The Senate President, Bukola Saraki, subsequently referred the bill to the Senate Committee on Appropriation.
The committee is expected to submit its report next week.
- CAJ News