Thursday, April 23, 2015

House passes 2015 budget


After months of debates over technical and fiscal difficulties, the House of Representatives on Thursday passed the sum of N4.493 trillion budget for the year 2015 fiscal year.
Aminu Tambuwal, Speaker House of Representatives 


The budget is an increase of N135.4 billion over what was proposed by the Executive in November 2014.
The report of the budget, which was adopted, was laid on Wednesday by the chairman, Committee on Appropriations, John Owan Enoh (PDP, Cross River).
Education got the highest allocation of N392,242,784,654 followed by Defence/MOD/Army/Air Force/Navy with N326,697,219,431 and Police formation and Commands with N303,822,224,611 while the sum of N236,975,742,847 is for Health sector. 
The sums of N26,593,880,816 is for Science and Technology; N25,177,777,661 is for Works; N23,695,474,427 is for Information; N20,085,865,120 is for Presidency; N18,118,392,153 is for Tourism, Culture and National Orientation; N15,602,574,341 is for Environment; N10,978,094,393 is for Trade and Investment while N10,597,851,549 is for Communication Technology.
From the sum of N368,335,011,023 approved for  Service Wide Votes,  the sum of N20.270 billion is for Zaman Lafiya; N22 billion is for operations – Internal for the Armed Forces; N9.6 billion is for payment to Nigerian Army Quick Response Group including arrears; N5 billion is for payment of outsourced services; N2.3 billion is for entitlements of former Presidents/Heads of State and Vice Presidents/Chiefs of General Staff; N5.5 billion is for Employees Compensation Act – Employees Compensation Fund; N17.5 billion is for General Election logistic support; N17,397,993,277 is for Contingency; N6 billion is for country’s contribution to West African Examination Council (WAEC); N4.5 billion is for assessed contribution to African Union and others; N5 billion is for margin for increases in costs; N11 billion is for external financial obligations; N3,099,600,000 is for recurrent adjustment; N38,987,017,746 is for public service wage adjustment for MDAs (including arrears of promotion and salary increases) while N11.755 billion is for improved remuneration package for Nigerian police.
The sum of 60,251,158,887 is for payment into the redemption fund (15% of total personnel cost); N18 billion is for arrears of 33% increase in pension rates; N3.750 billion for arrears of police death benefits (2004-2010); N14,690,036,516 for Group Life Insurance for all MDAs including DSS; N1 billion for Armed Forces enhanced retirement benefits of Commodores and above; N2.995 billion for severance benefits of Delta Steel Company/Pension pay-off; N3,544,110,811 is for NHIS (Military retirees) while the sum of N36 million is for administration and monitoring of (OHCSF) Group Life.
From the total sum of N63,281,093,786 earmarked for presidential amnesty programme, the stipends and allowances of 30,000 Niger Delta ex-militants is to gulp N23.625 billion; N5,502,447,783 is for Presidential amnesty operational cost; N34,153,646,003 is for reintegration of transformed ex-militants while zero allocation is for reinsertion/transition safety allowances for 3,642 ex-militants (phase 3).
From the total sum of N953.62 billion approved for debt servicing, the sum of N894.610 billion is for domestic debt while N59.010 is for foreign debts.

2 comments :

  1. na only you waka come..... oya brake am down i beg.......

    ReplyDelete
  2. Thank God education got the highest allocation

    ReplyDelete