The Nigerian Senate has approved a supplementary budget of N982.7 billion for the 2021 fiscal year.
The approval on Wednesday is an increase of N87 billion on the original sum of N895 billion requested by President Muhammadu Buhari.
The approval followed consideration of the report on the supplementary appropriation bill read on the floor of the chamber by the Chairman, Senate Committee on Appropriation, Barau Jubrin.
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Jubrin said his committee after harmonizing its position with the House of Representatives recommended an upward review of the funding of some security agencies that “were grossly underfunded or not funded in the supplementary appropriation bill”.
The agencies include the Navy, Ministry of Police Affairs, Defence Intelligence Agency, Department of State Security Services, and the Economic and Financial Crimes Commission, EFCC.
He disclosed further that the balance of N802.10 billion for capital expenditure on the procurement of additional equipment for the security agencies and capital supplementation will be sourced from new borrowing.
A breakdown of the supplementary budget shows that a total sum of N123.332billion is for recurrent (non-debt) while N895billion is for contribution into the capital fund (capital expenditure).
(Editor: Abaje Usekwe)
