The news is by your side.

N9bn allocated for NASS renovation not N27bn – Budget DG

The money allocated for the planned renovation of the National Assembly is N9.25billion, the director-general of the Budget Office of the Federation, Ben Akabueze said.

Mr Akabueze stated this on Thursday while refuting reports that N27billion has been allocated for the renovation of the legislative arm of government.

He explained that although N37bn was earlier allocated for the exercise in the 2020 budget, it was however cut down by 75 percent due to the economic effects of Coronavirus pandemic.

“The provision for renovation/retrofitting of the National Assembly (NASS) Complex in the revised budget is N9.25bn, not N27bn as being bandied around,” the Director-General said in a statement also published on Facebook post.

“The initial provision of N37bn in the 2020 Appropriation Act for this was cut by 75% due to the impact of Covid-19 on government revenues,” Mr Akabueze added.

He also explained why the budgets for Basic Education and Health appeared to be low.

“Statutory transfers to UBEC (Basic Education) and BHCPF (Basic Health) are set by LAW at 2% and 1% respectively of the Consolidated Revenue Fund (CRF),” he said, adding that:“Therefore, when the Covid-19 pandemic eroded the CRF, the budgetary provisions were automatically adjusted in accordance with the applicable laws.”

The revised budget signed by President Muhammadu Buhari is currently being reviewed at the two chambers of the National Assembly.

You might also like

Comments are closed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Do NOT follow this link or you will be banned from the site!
error: Alert: Content is protected !!