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National Assembly Approves N982 Billion as 2021 Supplementary Budget

The Senate and House of Representatives on Wednesday, 7 July 2021, approved the sum of N982,729,695,343 (Nine Hundred and Eighty- Two Billion, Seven Hundred and Twenty-Nine Million, Six Hundred and Ninety-Five Thousand, Three Hundred and Forty-Three Naira) as the 2021 Supplementary Budget of which:

  • N123, 332,174,164 (One Hundred and Twenty-Three Billion, Three Hundred and Thirty-Two Million, One Hundred and Seventy-Four Thousand, One Hundred and Sixty-Four Naira is for Recurrent (Non Debt) Expenditure; and
  • N859,397,521,179 (Eight Hundred and Fifty-Nine Billion, Three Hundred and Ninety-Seven Million, Five Hundred and Twenty-One Thousand, One Hundred and Seventy-Nine Naira) is for contribution to the Development Fund for Capital Expenditure for the year ending on the 31st December, 2021

Presenting the report in both Houses, the Chairmen of the Senate and House of Representatives Committees on Appropriation, Sen. Jibrin Barau (APC: Kano) and Hon. Muktar Aliyu Betara (APC: Borno) noted that N45.63 billion from the total sum of N83.56 billion required for COVID-19 Vaccine Programme will be sourced through existing World Bank Loan as well as other grants; and the balance of 37.93 billion will be sourced from Special Reserve/Levy Accounts comprising of:

  • TSA (Foreign currency component):  N25 billion
  • MOFI CHQ optional: N5 billion
  • Foreign Revenue E-Collection: N30 billion
  • 65% Wheat Floor Levy: N15 billion
  • 5.15% Wheat Grain Levy: N15 billion
  • NNPC/NLNG: N40 billion
  • Rolled-Over Capital (unspent): N5 billion

Also, the balance of N722.40 billion which is for capital expenditure on procurement of additional equipment for the security and capital supplementation will be sourced from new borrowing.

However, the Chairmen informed lawmakers that the Committee had reviewed upwards the capital expenditure on procurement of additional equipment for security from N722.40 billion to N802.10 billion, which will be used for the funding of some security agencies that were either underfunded or not appropriated for in the Supplementary Budget. These include the Nigerian Navy, Ministry of Police Affairs, Defence Intelligence Agency (DIA), Department of State Security (DSS) and the Economic and Financial Crimes Commission (EFCC).

The 2021 Supplementary Budget seeks to make funds available for the procurement of equipment for the military, procurement and administration of COVID-19 Vaccines and provision of additional funds for Public Service Wage Adjustment in health and other sectors. It would be recalled that President, Muhammadu Buhari had transmitted the 2021 Supplementary Budget of N895, 842,465,917 (Eight Hundred and Ninety-Five Billion, Eight Hundred and Forty-Two Million, Four Hundred and Sixty-Five Thousand, Nine Hundred and Seventeen Naira) to the National Assembly for consideration and approval.

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