A supplementary budget is expected to be forwarded to the upper chamber of the National Assembly by the Executive in early 2021.
The Senate noted this a few moments following the passage of the N13.082 trillion budget for 2021 on Monday, December 21.
Naija News understands that the demand for the supplementary budget came up following the discovery of under projection of the total revenue to the tune of N100 billion. The report revealed that there was a remarkable increase in the country’s oil price which floats between $47 and $50 per barrel in the international market.
Meanwhile, the budget was said to hinge on the $40 oil benchmark. According to the report, there were disruptions in the implementation of the 2020 budget as a result of the COVID-19 outbreak in the country and that the supplementary budget would mitigate and help in reflating the economy.
“The need to enhance the structure of the budget to allow for the reflation of the economy to accelerate the process of taking out the economy from its current state of recession,” the report stated.
Daily Post reports that the communique also extrapolated the delay in passing the budget due to the late receipt of spending requests for the Social Investment Programme of the Federal Government. It added that the delay was caused by the volume of work the sub-committees had to contend with during the budget defence by various MDAs and the subsequent analysis and reconciliation of their reports with that of their counterparts in the House of Representatives.
“There was also the late receipt of a spending request for the upscaling of the National Social Investment Programme (NSIP) from the Executive amounting to N365 billion,” it added.
Meanwhile, the Senior Special Assistant to Nigeria President Muhammadu Buhari on Media and Publicity, Garba Shehu, has said that his principal’s regime demonstrated unquestionable capacity to protect every citizen.
Source: Naija News