President Buhari submits supplementary budget to lawmakers

                           

President Muhammadu Buhari has submitted a supplementary budget of the sum of N465,636,926,857 for the approval of the National Assembly.

Breakdown of the supplementary budget shows N460.61b is for additional recurrent (non-debt)  while N5b is for contribution to the development fund for additional capital expenditure.

President Buhari in a letter separately sent to the Speaker, House of Representatives, Yakubu Dogara, and the Senate President, Bukola Saraki, requested for the amendment to the 2015 fiscal framework which included: reduction in the oil production volume from 2.2782mbpd to 2.2003mbpd; crude oil price from $53 per barrel to $48 per barrel but retained $190 exchange rate.

From the recurrent expenditure, N10,618,837,435 is for payment of outstanding payment of severance gratuity and allowances of out gone and incoming legislators and legislative aides; N3,196,089,405 is for salaries of the Nigerian Army including N1,987,056,478 for 72 recruitments, N768,637,124 for 62 regular combatants and N440,395,803 for 22 direct short service.

Under the Presidency, the sum of N1.5 billion is for National Sports Commission’s overhead cost for the All Africa Games qualification for Rio 2016 Olympic Games.

The sum of N445,322,000,017 was provided for Service Wide Vote while the sum of N413,363,134,505 is for subsidy payment.

From about N30b proposed for Operation Zaman Lafiya in the supplementary budget, the sum of N17.5b is for the Nigerian Army while N8.14b is for Nigerian Air Force.

The sum of N2 billion is proposed for margin increase in costs/recurrent adjustment while N5 billion is for the Victim Support Fund under the capital supplementary.