N109bn additional funding for Oct-Dec fuel subsidy

Jerks figure from N465.64

N30bn for Boko Haram war

Both chambers of the National Assembly, the Senate and the House of Representatives,yesterday, passed a total sum of N574,532,726,857 as supplementary budget for President Muhammadu Buhari.

The money, which is for additional Recurrent (Non- Debt) Expenditure for the year ending on December 31, 2015 is to be withdrawn from the Consolidated Revenue Fund of the Federation.

The Senate, however, jerked the original supplementary budget as submitted by President Buhari by N108,895,800,000, just as it said that the increase was designed to accommodate additional funding for fuel subsidy for the months of October, November and December, 2015.

With the additional N109 billion by the Senate for fuel subsidy, it would now amount to N522,258,934,505 as the President, in the letter to the Senate, had requested for N413 billion for fuel subsidy.

Also N5,000,000,000 was approved as Victims Support Funds in the Capital Supplementation which would be re-classified to the Service Wide Vote of N559,217,800,017.

The Senate also approved the sum of N29,958,865,512 to fight the Boko Haram insurgency in the North East and payment of outstanding claims in order to ameliorate the suffering of Nigerians under the heading, Operation Zaman Lafiya. Of the approved money, the Nigerian Army will get N17,468,992,640; Nigerian Airforce, N8,141,434,760; Nigerian Army outstanding balance from 2015 and second quarter, N4,348,438,112.

The Senate had penultimate Wednesday received a supplementary budget of N465,636,926,857 from President Buhari for consideration and approval.

President Buhari, who also sought an upward review of the new borrowing plan from N882.1 billon to N2.103 trillion had said: “The expected deficit arising from the above is projected at N2.103 trn or 2.19 per cent of GDP to be financed by additional borrowing of N1.601 trn through the Debt Management Office.”

The approval of the Senate was sequel to the report of the Senator Danjuma Goje-led Committee on Appropriations on the 2015 Supplementary Appropriation Bill.

Earlier, the senators broke into an executive session for one hour as part of moves to discuss the appropriation bill and give the President a soft landing by passing the budget and as a follow up to last Thursday’s dinner the Senators were...Read More Here-->>>> http://www.newsinnigeria.org/nass-approves-n575bn-supplementary-budget/

Hmm,dnt blame me for not reading the story,my eyes are still heavy but am sure that am FTC

First of all, Nigeria is rich. Imagine the amount of money being disbursed to tackle insurgency. And on the issue of oil subsidy money, I keep wondering where the money is going into. The price of fuel going up while the availability of fuel going low. I hope they use this money judiciously though.

*mycandidopinion*

In as much it is justified and judiciously spent.