The Nigerian Senate has passed the supplementary budget of N895 billion for the year 2021.
The approved sum represents an upward review of N86.9 billion from the initial amount of N895.842 billion transmitted to the National Assembly by President Muhammadu Buhari about two weeks ago.
The passage of the supplementary Appropriation Bill 2021, followed the consideration of a report by the Committee on Appropriation during plenary.
Accordingly, 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.
Chairman of the Appropriation Committee, Senator Barau Jibrin, in his presentation explained that the sum of N45.63 billion required for the COVID-19 vaccine Programme would be sourced 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.
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.
The lawmaker listed the Agencies to include the Nigerian Navy, Ministry of Police Affairs, Defence Intelligence Agency, Department of State Security Services (DSS) and Economic and Financial Crimes Commission (EFCC).
After the supplementary budget was passed, Senate President Ahmad Lawan said the relevant committees of the upper legislative chamber must carry out oversight to ensure that the funds are properly utilised.
“Committees should be alive to know these funds are applied. This is a very necessary intervention by this senate for the country,” Lawan said.
“We have to continue to fund our security agencies even in the 2022 appropriation bill to overcome these security challenges.”
Buhari had presented the initial 2021 budget proposal of N13.08 trillion to a joint sitting of the national assembly on October 8.
Source: Naija News