Fuel Subsidy Gets 88 Percent of N465bn Supplementary Budget

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The Senate on Wednesday received request from President Muhammadu Buhari for the approval of N465.64 billion Supplementary Budget for government activities in remaining part of 2015.

Out of the amount, subsidy payment on supply of petrol was allocated N413.36 billion, representing 88 per cent of the total proposed supplementary budget.

‘’Operation Lafiya Dole’’ and other issues on the fight against insurgency in the North-East got N39.65 billion while provision for prison rations, and feeding for unity schools received N2 billion.

The National Assembly was allocated N10 billion to cater for balance of severance gratuity and allowances of out-gone and incoming legislators and legislative aides, respectively.

The letter from the president which accompanied the supplementary estimate said that new funding requirement was to address security issues and other important obligations.

The government also sought an upward review of the new borrowing plan from N882.1 billion to N2.103 trillion.

“The implementation of the Federal Government 2015 Budget has been fraught with significant revenue shortfalls due to continuous decline in the oil price and oil production shortfall.

“Owing to the need to sustain the current progress of addressing the security challenges and other important obligations of government, emergency expenditure requiring urgent funding is projected at N465.64 billion.

“I deem it necessary to formally request the concurrence of the National Assembly to please consider and approve;
“An upward review of the fiscal deficit from 1.09 per cent of GDP to 2.19 per cent of GDP and upward revision of new borrowing from N882.1 billion to N2.103 trillion,” it said.

(Vanguard)

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This post has already been read at least 11886 times!