Breaking: Senate finally passes N895bn supplementary budget

The Senate on Wednesday, July 7, approved the sum of N982.729 billion as the supplementary budget for the 2021 fiscal year.

However, Ezrel Tabiowo, special assistant (press) to the president of the Senate in a statement, said the approved sum represents

an upward review of N86.9 billion from the initial amount of N895.842 billion was transmission to the

National Assembly by President Muhammadu Buhari about two weeks ago.

Also, The passage of the supplementary Appropriation Bill 2021, followed the consideration of a report by the

committee on Appropriation during plenary.

He also said out of the total sum of N982,729,695,343 billion passed, N123,332,174,164 billion is for Recurrent (Non-Debt) Expenditure; and N859,397,521,179 billion as a contribution to the Development Fund for capital expenditure.

Furthermore, The chairman of the Appropriation Committee, Senator Barau Jibrin, in his presentation explained that the sum of

requirement of N45.63 billion for the COVID-19 vaccine programme sourcing would be through existing World Bank Loan

as well as other Grants.

He added that the balance of N37.93 billion would be sourced from Special Reserve/Levy Accounts comprising:

TSA (Foreign currency component) – N25 billion; MOFI CHQ optional – N5 billion; and Foreign Revenue E-Collection – N30 billion; 65 percent Wheat Floor Levy – N15 billion; 5.15 percent Wheat Grain Levy – N15 billion; and Rolled-Over Capital (unspent) – N5 billion.

Finally, The lawmaker disclosed that the balance of N722.40 billion which is for capital expenditure on the procurement of

additional equipment for the security and capital supplementation would be sourced from new borrowing.

By Taiyelolu A

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