2015 Budget: Senate Approves N4.493Tr, Buhari To Pass On Supplementary Budget To Nass

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Nigerian Senate has yesterday agreed with the House of Representatives by appropriating N4, 493,363,957,158 as the budget for the 2015 fiscal year.

Meanwhile, the lawmakers have asked the President-elect, General Muhammadu Buhari, to send the National Assembly a supplementary budget that would take care of glaring shortcomings in the Appropriation Act.

The recommendations of his own committee and the Committee on Finance on the 2015 Appropriation Bill, was however, presented by Senator Ahmed Maccido, who is the Chairman Appropriation Committee.

Like the budget passed by the House of Representatives, no appropriation was made for fuel subsidy.

Some said the implication was that fuel subsidy had been tactically stopped. Others hinted that with the fall in oil prices in the international market, fuel subsidy should also be affected.

Maccido noted in his submission that given that due consideration had been given to the preparation of the 2015 Appropriation Bill, the joint committee recommended that the Senate should approve the Bill for an Act to authorise the issue from the consolidated revenue fund of the federation the total sum of N4,493,363,957,158 only for the year ending 31 December this year.

Breakdown of the amount shows that, N375,616,000,000 is for statutory transfers; N953,620,000,000 for debt service; N2,607,132,491,708 for recurrent (non debt) expenditure while the balance of N556,995,465,449 inclusive of N144,420,000,000 in statutory transfer is for contribution to the Development Fund for Capital Expenditure for the year ending 31st December, this year.

Maccido explained that Subsidy Reinvestment Programme (SURE-P) component of the budget to the tune of N21,030,000,000 did not form part of the aggregate budget figure of N4,425,930,000,000.

He said the amount had however been captured in the final compilation of the Bill having been submitted for the approval of the National Assembly.

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