President Muhammadu Buhari has sent a letter to the upper chambers of the National Assembly to seek for the approval of a supplementary budget of N465 billion, to be deducted from the Consolidated Revenue Fund account of the Federation.
Buhari also requested approval for “an upward revision of new borrowing from N882.1 billion to N2.1 trillion.
A breakdown of the N465 billion shows that N460 billion is for additional recurrent expenditure, while N5 billion is for capital expenditure.
The N5 billion to be spent on CAPEX is for the support of victims of violence in the Northeast.
A further breakdown shows that N413 billion is for the settlement of subsidy claims, N39 billion is for the anti-insurgency campaign in the North, and N1.5 billion is for the National Sports Commission towards the All African Games and qualification for the 2016 Olympics.
The management of the National Assembly will receive N10 billion for the payment of outstanding severance package of outgoing legislators and legislative aides, while N2 billion of for prison rations and feeding of students in unity schools are the country.
President Buhari Sends Supplementary Budget Request To Senate
