Again Reps adjust 2020 budget, increase UBEC by N1.7billion
The agencies whose revenue are pegged on a percentage to the Consolidated Revenue Fund saw an increment in their allocation due to increase of the Oil benchmark from $25 per barrel as proposed to the $28 per barrel as approved by the House.
According to Faleke, the extra $3 from the benchmark translates to ₦5,256,207,430 to be allocated to the statutory agency but was erroneously omitted during the passage of the budget.Statutory transfer to Niger Delta Development Commission was increased by ₦1,746,411,240. While Universal Basic Education and Basic Health Care Fund got increments of ₦1,795,283,376 and ₦897,641,688 respectively.
With these new adjustments, the total budget size of ₦10,805,544,664,642, is thus increased by the above statutory share of revenue by the listed Agencies with a total of ₦5,256,207,430 bringing the new budget size to ₦10,810,800,872,072.”The House notes the constitutional requirements of a share of Incremental Revenue by Statutory Agencies from the $3/Barrel Oil Benchmark price increase”.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Reps pass N10.805tr revised 2020 budget - The Nation Nigeria NewsTHE House of Representatives yesterday passed the revised 2020 budget sent to it by President Muhammadu Buhari. It however increased it to N10.805 trillion.
Read more »
JUST IN: Reps pass revised 2020 budget - Premium Times NigeriaThe executive sought to reduce the budget from N10.6 trillion to N10.5 trillion but the lawmakers instead increased it to N10.8 billion
Read more »
Reps increase 2020 revised budget to N10.805 trillionThe House of Representatives on Wednesday increased the revised 2020 budget sent to it by President Muhammadu Buhari to N10.805 trillion...
Read more »
Senate to consider revised 2020 budget Thursday
Read more »
Edo 2020: More trouble for Obaseki as Council Vice Chairman resigns - Daily Post NigeriaAs the political atmosphere in Edo State thickens ahead of the September governorship election, there could be more troubles for the incumbent Governor,
Read more »