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House Increases 2017 Budget from N7.29tn to N7.44tn

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*Dogara reads PMB’s letter, says VP to coordinate activities of government  

Details of the 2017 Appropriation Bill was yesterday laid on the floor of the House of Representatives by the Chairman, House of committee on Appropriation, Hon. Mustapha Bala Dawaki for further consideration.

The budget details as presented by Dawaki, was slightly increased by about N143 billion, from N7.29 trillion submitted by President Muhammadu Buhari to N7.44 trillion. Out of this amount, ₦434,412 billion was earmarked for Statutory Transfers, ₦1.841 trillion  is for Debt Service, ₦177,460 billion is for Sinking Fund for maturing bonds.

The committee maintained the proposed ₦2,990 trillion earmarked for Recurrent Expenditure  but increased the proposed N2.078 trillion as capital expenditure to ₦2,174 trillion  for contribution to the Development Fund for Capital Expenditure (exclusive of capital expenditure in  Statutory  Transfers)  for  the  year  ending  on  the  31st December, 2017.

Meanwhile,  President Muhammadu Buhari has formally transmitted power to vice-president Yemi Osinbajo, following his follow-up medical trip to London, United Kingdom.

President Buhari in a letter dated 5th May which was read on the floor of the House of Representatives by Speaker, Yakubu Dogara stated that the vice-president would coordinate affairs of government in his absence.

“In complaice with section 145(1) of the 1999 constitution, I wish to inform the Honourable House that I will be away for a scheduled medical follow-up with my doctors in London. The lenth of my stay will be determined by the doctors’ advice. While I am away, the Vice President will cordinate the the activities of government. Please accept, Honourable Speaker, the assurance of my highest cons,” the letter reads.

President  Buhari left Nigeria for London on Sunday for a medical check up.

ADEBIYI ADEDAPO and KAUTHAR ANUMBA-KHALEEL, 

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