Senate Gets Buhari’s N895.84bn Supplementary Budget For COVlD Vaccines, Others

Senate Gets Buhari’s N895.84bn Supplementary Budget For COVlD Vaccines, Others

6/22/2021 6:35:00 PM

Senate Gets Buhari’s N895.84bn Supplementary Budget For COVlD Vaccines, Others

The Senate on Tuesday received a supplementary appropriation Bill from President Muhammadu Buhari to approve the sum of N895.842,465,917 billion as

ADVERTISEMENT“In addition, our security and law enforcement agencies urgently need to procure additional equipment and other resources in response to the prevalent security challenges across the country.“The Ministry of Defence has carefully scrutinized these procurement needs, which the military authorities claim to represent the minimum requirements to secure our country and address current external and internal security challenges.

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“Furthermore, additional funds are required to meet our commitment to treat additional 50,000 patients under the Nigeria Comprehensive AIDS Program in States (NCAPS), as the amount provisioned in the 2021 Appropriation Bill for this purpose was inexplicably cut by the National Assembly.

“In order to address the urgent problem of oxygen availability in the country and avoid the potential loss of lives, provision was made for the procurement and installation of new oxygen plants nationwide and repairs of oxygen plants in FCT hospitals.

“It is also necessary to provide additional funds for Public Service wage adjustment to cater for sundry wage-related issues in the health and other sectors, which if not resolved can add to the prevalent sense of instability in the polity.“The Supplementary Budget request is for a total sum 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) only.

“We propose to fund N45.63 billion of the N83.56 billion required for the COVlD-19 vaccine programme by drawing on existing World Bank loans (which would be restructured) as well as Other Grants totalling US$113.22 million.“The balance of N37.93 billion required for COVlD-19 vaccines, salaries and other health-related expenditures totalling N41.69 billion and the N48.20 billion recurrent component of defence/security expenditure will be funded by drawing N135 billion from some Special Reserve/Levy Accounts, which will be captured as revenues to the Federal Government of Nigeria (FGN).

“We propose to fund the balance of N722.40 billion for capital expenditure on defence/security and capital supplementation from new borrowings, in the absence of any supplementary revenue sources.“Understandably, needs currently abound in many other sectors. However, we have limited the supplementary budget proposal to just these critical and emergency areas of need due to our severe fiscal constraints.

“All other needs would be deferred to the 2022 budget, which we plan to present in September of this years.”  Read more: LEADERSHIP Newspaper »

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