The two Chambers of the Nigerian parliament, the Senate and House of Representatives have received the harmonized version of the 2016 Appropriation Bill, totaling more than six trillion Naira.
The report of the joint committee on Appropriations was submitted on Tuesday by the co-Chairmen, Senator Danjuma Goje in the Senate while Mr. Abdulmumin Jibrin presented that of the lower chamber.
Tuesday’s plenary sessions in both chambers did not last more than one hour, as the lawmakers’ adjourned, shortly after receiving the Appropriations committee’s report on the 2016 Appropriation Bill.
Voice of Nigeria understands that debate on the harmonized Appropriation Bill would hold on Wednesday when the lawmakers reconvene in plenary, and possibly to pass the Bill for the President’s assent.
Summary of Bill
An overview of the harmonized Appropriation Bill shows that the total figure appropriated by the legislature is the same as the amount contained in the budget proposal presented by President Muhammadu Buhari in December, 2015.
The total sum of six trillion, seventy seven billion, six hundred and eighty million naira (=N=6,077,680,000,000) was appropriated by the joint committee.
Three hundred and fifty one billion, three hundred and seventy million naira (=N351, 370,000,000) has been earmarked for statutory transfers, while one trillion, four hundred and seventy five billion, three hundred and twenty million naira (=N=1,475, 320, 000, 000) is for debt service.
Two trillion, six hundred and forty eight billion, six hundred million naira (=N=2, 648,600,000,000) was appropriated for recurrent (non-debt) expenditure, while one trillion, eight hundred and forty five billion, five hundred and forty million naira (=1,845,540,000,000) which includes one hundred and fifty seven billion, one hundred and fifty million naira (=N=157, 150,000,000) is for borrowing.
It further showed that, eighty six billion naira (=N=86,000,000,000) which was set aside as interest on capitalized loans, is for contribution to the development fund for capital expenditure by December 31, 2016.
The early suspension of plenary was necessitated by the death of one lawmaker, Mr. Musa Baba who until his demise last week Thursday, was representing the Nasarawa-Toto Federal Constituency of Nasarawa State, in north-central, Nigeria.