President seeks approval for N895 billion supplementary budget

Written by on June 23, 2021

President Muhammadu Buhari has asked the Senate to approve N895, 842, 465, 917 as 2021 supplementary budget. Minister of Finance, Budget and National Planning, Zainab Ahmed, had dropped the hint at an earlier interface with the lawmakers.

She had also disclosed that the Federal Executive Council (FEC) sanctioned the amount, adding that N83.56 billion of the sum was for COVID-19 vaccines, including 30 billion doses from Johnson and Johnson and related logistics for their deployment.

Reading Buhari’s letter yesterday at plenary after a two-week break, President of the Senate, Ahmad Lawan, stated that a substantial part of the money had been earmarked for the procurement of military hardware to prosecute the war against insurgency and banditry.

According to him, the Federal Government is also using part of the money to purchase coronavirus jabs and address other health-related needs.

The letter read in part: Dear Distinguished Senate President, submission of the Supplementary Appropriation Bill 2021.

“It is with pleasure that I forward herewith, Supplementary Appropriation Bill 2021 for the kind consideration and approval by the Senate.

“The supplementary budget request is for a total sum of N895, 842, 465, 917.

“We propose to fund N45.63 billion of the N83.56 billion required for the COVID-19 vaccine programme by drawing on existing World Bank loans which will be structured, as well as other grants totalling $113.2 million.

“The balance of N37.93 billion required for COVID-19 vaccines, salaries and other health-related expenditures totalling N41.6 billion and N48.2 billion recurrent component of defence and security will be funded by borrowing N135 billion from some special reserve levy accounts.

“We propose to fund the balance of N722.4 billion for capital expenditure on defence and security and capital supplementation from new borrowings in the absence of any supplementary revenue sources.”

 



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