President Muhammadu Buhari has submitted a supplementary appropriation bill of N465.64 billion to the Nigerian senate along with a request to borrow N2.103 trillion for the financial year 2015 which will end in six weeks.
The expected deficit arising from the above would be financed by additional borrowing of N1.601trillion through the debt management office, Vanguard reports.
In a letter to Senate President, Dr Bukola Saraki, Buhari said the supplementary budget would be predicated on oil production of 2.2003 million barrels per day, with benchmark price of $48 per barrel and an exchange rate of N190 to $1.
A breakdown of the supplementary budget shows that N413.36 billion would be for fuel subsidy payment while N10.62 billion was earmarked for the payment of outstanding severance gratuity and allowances of outgone and incoming legislators and legislative aides.
Also, the fight against Boko Haram in the North-East code named “Operation Zaman Lafiya” has been billed for N29.96 billion for the third and fourth quarters of 2015.
