President Buhari sends N465.64b supplementary budget to NASS

• President Muhammadu Buhari

President Muhammadu Buhari on Wednesday submitted N465, 636,926,857 supplementary Appropriation Bill to the National Assembly for consideration and approval.

Buhari said N460, 636,926,857 only is for additional recurrent (Non Debt), while the balance of N5, 000,000,000 is for contribution to the Development Fund for additional Capital Expenditure for the year ending December 31, 2015.

Senate President, Abubakar Bukola Saraki, read the Presidential co

mmunication containing the breakdown of the supplementary budget on the floor of the Senate.

Buhari said the supplementary budget became necessary because the implementation of the 2015 budget has been flawed with significant revenue shortfalls due to continuous decline in oil price and oil production shortfall.

He added that owing to the need to sustain the current progress in addressing the security challenges and other important obligations of government, emergency expenditure items required urgent funding which is projected at 465.64 billion

Buhari in the memo said, “The Senate President you may wish to recall that the 2015 budget was predicated on oil production of 2.2782 million barrels per day, benchmark oil price of $53 per barrel and an exchange rate of N190 per dollar.

“Based on these three assumptions the following fiscal budget was projected:

“1. FGN budget revenue N3.452 trillion made of share of oil and mineral revenue- N1.645 trillion share of non oil revenue N1.215 trillion, FGN Independent revenue N489.3 billion

“2.  FGN aggregate expenditure was estimated at N4.485 trillion, comprising of statutory transfers-N354.34 billion, debt service-N953.6 billion, recurrent-non debt personnel cost-N1.828 trillion, recurrent non debt overhead -N791. 2billion, capital expenditure – N536. 6 billion.”