The latest Supplementary Appropriation Bill of N895, 842, 465, 917 was received by the Senate on Tuesday. This is an urgent request from the Muhammadu Buhari administration.
The Nigeria Senate President, Ahmad Lawan read out President Muhammadu Buhari`s letter on resumption of plenary on 22nd of June 2021.
The letter read in the Senate house contained supplementary budget to purchase the COVID-19 vaccine for the citizens and purchase of military equipment to fight insecurity in the country.
The president is looking for speedy legislative action on the supplementary budget given the urgency of the request from the federal government of Nigeria.
President Muhammadu Buhari, in the letter, said the Federal executive move to fund N45.63bn of the N83.56bn required for the coronavirus COVID-19 vaccine programme.
He said: “The balance of N37. 93bn required for COVID-19 vaccines, salaries and other health-related expenditures totaling N41.6bn and N48.2bn recurrent component of defense and security will be funded by borrowing N135bn from some special reserve levy accounts.
“We propose to fund the balance of N722.4bn for capital expenditure on defense and security and capital supplementation from new borrowings in the absence of any supplementary revenue sources.”