Senate Passes 2016 Appropriation Bill

After much twists and turns, the Senate, on Wednesday, passed the 2016 Appropriation Bill. This brought to an end the controversies that have courted the document since it was laid before the National Assembly by President Muhammad Buhari, last year.
Although, the Senate reduced the budget size from the initial N6.077trn to N6.060trn, a difference of N17bn, presented to the National Asse!bly, there is now a working document that if signed by the President can now become law.
There was padding scandal of the budget after was presented by President Muhammadu Buhari.
Senate President, Bukola Saraki, who presided over the senate proceeding, said it is now left for the executive to implement the budget.
He assured that teh senate will do its own part of the work by ensuring monitoring through oversight function and also amend laws like the public procurement act.
The federal lawmakers approved the N1.587trn as the capital expenditure portion of the budget and the recurrent expenditure 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 Senate 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 and could still raise serious concerns in the course of the year because there were many outstanding cases.

Author: News Editor

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