House of Reps approve N574.5bn supplementary budget

The House of Representatives has approved a reviewed amount of 574.5 billion Naira, as supplementary appropriation for the 2015 Fiscal Year.

The amount is about 108.9 billion Naira above the 465.6 billion Naira request sent to the National Assembly by President Muhammadu Buhari.

According to the report of the House’s Joint Committee on Appropriations, Finance, Aids, Loans and Debts Management, which was unanimously adopted by the House, the additional funds are for subsidy payments from October to December 2015.

In a previous development, the Senate Committee on Appropriation had sought an increase in the 465.5 billion Naira supplementary budget submitted to the upper chamber last week to 573.5 billion Naira.

The new figure included an additional 108 billion Naira meant for fuel subsidy in the last quarter of 2015, which was not captured in the 465.5 billion Naira supplementary budget.