The Senate, on Wednesday, passed the
2016 Appropriation Bill and reduced the budget size from the initial
N6.077trn presented to the federal parliament by President Muhammadu
Buhari on December 23, 2015, to N6.060trn, a difference of N17bn.
The federal lawmakers approved the
N1.587trn as the capital expenditure portion of the budget and the
recurrent expenditures of N2.646.3trn. They also approved N351.37bn as
Statutory transfers, N1.475.3trn for Debt Service, and N2.2trn for
Fiscal deficit.
The federal parliamentarians also
adopted the oil benchmark of $38; Crude production of 2.2000m barrel per
day and the exchange rate of N197 to $1 for the implementation of the
budget.
Explaining how the difference of N17bn
was identified, Chairman, Senate Committee on Appropriation, Senator
Danjuma Goje, admitted that the 2016 budget proposal contained a number
of errors of omissions, particularly in the area of personnel cost.
The federal parliamentarians also
adopted the oil benchmark of $38; Crude production of 2.2000m barrel per
day and the exchange rate of N197 to $1 for the implementation of the
budget.
Explaining how the difference of N17bn
was identified, Chairman, Senate Committee on Appropriation, Senator
Danjuma Goje, admitted that the 2016 budget proposal contained a number
of errors of omissions, particularly in the area of personnel cost.
He said his committee therefore filled
some of the gaps would could still raise serious concerns in the course
of the year because there were many outstanding cases. Senate President,
Bukola Saraki, explained after the formal passage of the appropriation
bill by his colleagues had done his part and requested the president to
do the needful by signing it to law for immediate implementation.
We needed Change!!!
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